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
“Is this really what business are able to do?”
Yes! There are a lot of extra little steps to structure it in ways that make it look legit come tax time, and owners regularly fail to take those steps or step outside them. But the IRS is underfunded, it would be wildly unpopular to audit every farm business, and “able to” isn’t the same as “legal”, let alone “ethical”.
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