I live next to farmers. Everything they do and own is a business expense. The business owns everything. Home, cars, utv, electric, propane, internet, new land, gas, desiel, and red desiel. They go on multiple caribbean vacations, rent out the banquet room and claim it as a business expense. Is this really what business are able to do?
In: Economics
My boss does something similar, he owns a frozen food warehouse, we deliver things like french fries and hamburger patties to restaurants. He only has one checking account for the business, no personal account. Everything he does comes from the business account. His cars, cell phones, everything. He does not get a salary, if he wants cash he takes it from the daily deposit. I am not sure how that all comes out as far as taxes go I assume it is written off as his personal income.
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