posted on November 3, 2000 07:04:05 PM new
If most of you were conducting your businesses legally, you could write off the lost money from fraud. This is a tax deduction! Get a clue and stop whining! Fees are also a tax deduction, it is a valid business expense!
posted on November 3, 2000 07:10:42 PM new
Let's see, for every dollar I lose to fraud or spend in fees, my tax bill is reduced by 28 cents. My after-tax income is reduced by 72 cents.
posted on November 3, 2000 10:08:21 PM new
If I recall right, buisiness losses are like medical expenses, you can only claim them when they are at least a certain percentage of your total income for that year.
I'm not quite sure why you think anyone here is not conducting business legally.
posted on November 4, 2000 05:09:49 AM new
I hear it all the time. "What do you care, it's a write-off for you" And in five years of owning a business, I have never heard these words from anyone that knows anything about running a business.
Our accountant does tell us at the end of the year "You got lucky this year, you lost $5,000 to shoplifters. That's going to save you some bucks in taxes" If they did, they wouldn't be accountants very long.
Our cashiers don't get raises for cutting our taxes by accepting rubber checks without running them through Telecheck, they get fired.
We don't thank our suppliers for reducing our tax liability by sending us defective merchandise that we can't sell. We make them replace it.
When the roof in our store leaks and damages merchandise, we don't get excited about the tax deduction - we get upset at the loss. If a tax deduction was reasonable compensation for a loss, there would be no insurance companies.
We don't allow mis-managed payment services to handle our finances for us to generate tax-deductable losses due to fraud.
The title of this thread pretty much sums it up...Get A Clue !!!
