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Old 08-06-2013, 08:16 PM   #15
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If you have your own business I would let it make the purchase. I'm looking into setting up an LLC which would provide me with what I need to travel and do the paintings I want. As an artist it is a tool so I assume everything about it will be deductible. Least that is what I've been told and I'm leaving it up to my handlers to guide me through that. If you don't have a formal business, then the second home approach is your avenue. I would look into how your business arrangements are set up and you may find some changes would bring some benefit. Again, you need some expert advice but maybe not just an accountant who will tell you what you can deduct and can't. But a business attorney would have a different perspective and understand a lot more about arranging a business to your benefit over all.
Traditionally business attorneys are not well versed in taxes. Having worked with a number of clients on this same issue you need to establish a business purpose and that business purpose has to be a valid business purpose. It can't be that I'm taking a large deduction for business when I really have no logical business purpose. The first key to deductibility is the expense must be necessary. The second key is that you must document your business usage. Failure to have proper documentation will result in a loss of the deduction on audit. Remember the burden of proof is always on the taxpayer.
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Old 08-07-2013, 12:05 AM   #16
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Sorry but that statement is inaccurate. You can deduct either the sales tax or state income tax paid, whichever is higher. For example, if I paid $5,000 in NYS income tax but $8,000 in sales tax (let's say I bought a new rig) I would take the sales tax deduction not the income tax. You get one or the other. If your state doesn't have an income tax then you would take the sales tax deduction, assuming you itemize.
That is not what you said in your first post
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Old 08-07-2013, 01:10 AM   #17
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Traditionally business attorneys are not well versed in taxes. Having worked with a number of clients on this same issue you need to establish a business purpose and that business purpose has to be a valid business purpose. It can't be that I'm taking a large deduction for business when I really have no logical business purpose. The first key to deductibility is the expense must be necessary. The second key is that you must document your business usage. Failure to have proper documentation will result in a loss of the deduction on audit. Remember the burden of proof is always on the taxpayer.
I would expect one to be smart enough to go out and hire the right kind of attorney for the job, a business attorney that understands tax law, it is a required expertise for good ones. And of course it must be legit and fit your business.
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Old 08-07-2013, 07:34 AM   #18
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That is not what you said in your first post
Sorry that I didn't specify that you get one or the other deduction, but not both. I should have made that clear that you either get the sales tax deduction or the deduction for your state income taxes paid, whichever is greater. As a side note, the sales tax deduction includes major items such as a car, RV, boat, etc., but also there is a table amount for each state that calculates what the sales taxes are that you may have paid for a particular income level and locality.
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