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BaseballPCHiker posted:Hoo boy I got some bad news this morning. It looks like I'm not going to be getting a tax refund at all this year. In fact I'll be lucky if I can get away with owing less than a $1000 dollars. When I started my new job they hosed up my first paycheck, instead of taking out an additional $50 for tax withholding they gave me 50 EXEMPTIONS!!! Thankfully I got it fixed right away but its still a huge chuck of money. Then for some reason they still thought I had a couple of kids and have been giving me 2 exemptions all year long! Its my own fault for never checking again after the first mess up. I do have a copy of my original form I filled out specifying that I wanted to claim 0 and an extra $50 withholding but I doubt it does me any good at this point. This is the best thread.
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Jan 11, 2016 16:16
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slap me silly posted:This is the best thread. I nominate this for the 2016 Golden Wonderhanger awards because clearly this is going to be around all year. Also which one of you BFC regulars owns this parody account?
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Jan 11, 2016 16:42
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That's like don't count your chickens before they're hatched.txt right there.
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Jan 11, 2016 16:44
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You should definitely lie to your insurance and get commercial insurance for your personal home
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Jan 11, 2016 16:48
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Love the new thread title. I was curious how shrink-wrapping a houseboat works, since I've never seen them on the lake I live near and all the boats look like this:  Turns out this is what a shrink-wrapped houseboat looks like:  I imagine it doesn't insulate that well in terms of keeping in heat, but I guess it at least helps block a lot of wind. Though I'm curious if one has to risk life and limb to try and shovel the snow off of them?
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Jan 11, 2016 16:55
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SarutosZero posted:You should definitely lie to your insurance and get commercial insurance for your personal home The way it was explained to me is that it's not lying if I do use it for a business purpose. So if for example I do some "offsite" backups I could justify owning the boat as a business expense for that. I could also claim it as an office and not take the home office deduction. This was a real CPA not some backwater dock accountant either who I met with.
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Jan 11, 2016 17:07
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BaseballPCHiker posted:The way it was explained to me is that it's not lying if I do use it for a business purpose. So if for example I do some "offsite" backups I could justify owning the boat as a business expense for that. I could also claim it as an office and not take the home office deduction. This was a real CPA not some backwater dock accountant either who I met with. You're using it as a primary residence and not "offsite backup" so yea its lying and if/when your insurance finds out they will dump you and/or fine you! He's a bad CPA
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Jan 11, 2016 17:12
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DrBouvenstein posted:I imagine it doesn't insulate that well in terms of keeping in heat, but I guess it at least helps block a lot of wind. Though I'm curious if one has to risk life and limb to try and shovel the snow off of them? The trapped air does the insulating, not the plastic itself. It should be fine. What may not be fine is trying to defraud an insurance company. BaseballPCHiker you are probably going to want to check with the marina and make sure they are okay with you having a commercial policy. Although to be honestly it wouldn't be a whole lot worse to just skip the middleman and make some fake insurance documents for the marina.
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Jan 11, 2016 17:12
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BaseballPCHiker posted:The way it was explained to me is that it's not lying if I do use it for a business purpose. So if for example I do some "offsite" backups I could justify owning the boat as a business expense for that. I could also claim it as an office and not take the home office deduction. This was a real CPA not some backwater dock accountant either who I met with.
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Jan 11, 2016 17:29
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Guys. Stop trying to step all over his dreams.
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Jan 11, 2016 17:30
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Moneyball posted:Guys. Stop trying to step all over his dreams. You are so right. I'm sorry!
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Jan 11, 2016 17:31
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Hey BaseballPCHiker came here to get help and receive answers, not have more problems be made so lets brainstorm some businesses that are above water for him.
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Jan 11, 2016 17:34
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Have you considered buying that floating RV and making a meth lab? If it catches on fire, there's plenty of water to help put it out. I think there was a tv show about it.
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Jan 11, 2016 17:37
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Veskit posted:Hey BaseballPCHiker came here to get help and receive answers, not have more problems be made so lets brainstorm some businesses that are above water for him. OP could probably hire a local starving artist for pretty cheap to mock up some BUSINESS SIGNS and business cards to prove that his boat dog daycare and server business is legit.
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Jan 11, 2016 17:37
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SarutosZero posted:OP could probably hire a local starving artist for pretty cheap to mock up some BUSINESS SIGNS and business cards to prove that his boat dog daycare and server business is legit. I got it, he spends an hour a week, tops, fishing off his boat. Catches fish, gives it to charity because he's set up his boat business as non profit, EVERYONE WINS
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Jan 11, 2016 17:39
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Veskit posted:I got it, he spends an hour a week, tops, fishing off his boat. Catches fish, gives it to charity because he's set up his boat business as non profit, EVERYONE WINS The potential savings here when you get non-profit status are incredible. He can hire his dog and girlfriend as "employees" and pass money through them to get nice tax breaks.
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Jan 11, 2016 17:45
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Veskit posted:Hey BaseballPCHiker came here to get help and receive answers, not have more problems be made so lets brainstorm some businesses that are above water for him. Floating meth house. Hydroelectric generator. Maritime insurance. Piracy. Fish hatchery. Tax preparation for people who want to write off houseboats as business expenses (a niche, but growing field).
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Jan 11, 2016 17:46
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One of the best tax write offs you can get is to grow a forest. Years of expenses and you only pay tax once you harvest the trees. So grow a forest on the houseboat, no one would see the server farm for the trees.
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Jan 11, 2016 20:27
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OP, your plan will do fine, don't listen to all the neighsayers. While you're making hay avoiding throwing money away on rent, these nags will keep losing out on building that sweet sweet equuity. Saddle up and go chase your dreams!
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Jan 11, 2016 20:46
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I wonder if the regulations for a boat used for commercial purposes are different than those for a pleasure boat.
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Jan 12, 2016 00:22
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Okay hear me out - floating brothel,
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Jan 12, 2016 02:03
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I'm sure a saw a floating brothel on a episode of Pimp My Boat. http://imgur.com/izzhK7N
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Jan 12, 2016 03:22
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If the boat is a rockin', come on a knockin'
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Jan 12, 2016 03:30
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Moneyball posted:If the boat is a rockin', come on a knockin' Don't forget your protection. 
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Jan 12, 2016 04:49
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slap me silly posted:This is the best thread. E: found a church on your boat! Then you can live in it AND everything is tax free!
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Jan 12, 2016 04:56
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Moneyball posted:Have you considered buying that floating RV and making a meth lab? If it catches on fire, there's plenty of water to help put it out. I think there was a tv show about it. Surely you mean the 2-part episode of Thunder in Paradise, starring Hulk Hogan, entitled "Deadly Lessons". It's quote:EPISODE SUMMARY
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Jan 12, 2016 05:05
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Sorry, I have parkinson's https://www.youtube.com/watch?v=rYsrJYZq3HE "I will not hear another word against the boat." - OP
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Jan 12, 2016 05:12
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Devian666 posted:I'm sure a saw a floating brothel on a episode of Pimp My Boat. Pretty solid entry to the Kemah Lighted Boat Parade. Yes that's a thing.
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Jan 12, 2016 18:59
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As a loan underwriter I am sure that your bank will love that thr boat is being purchased for personal use but insured by a business policy. No siree, no risk here.
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Jan 13, 2016 08:15
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Why doesn't he just get a SBA loan and become a commercial fisherman? That way all the expenses are deductible against his fish sales.
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Jan 13, 2016 20:45
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BaseballPCHiker posted:The way it was explained to me is that it's not lying if I do use it for a business purpose. So if for example I do some "offsite" backups I could justify owning the boat as a business expense for that. I could also claim it as an office and not take the home office deduction. This was a real CPA not some backwater dock accountant either who I met with. Ok I think even my .003% knowledge of accounting is useless here, but IIRC even if you did put a server farm on your floating deathtrap, the only claimable business expenses from the server farm would be for the fraction of the boat/utilities etc that the farm takes up. So say your server farm took up 5% of the space on your boat, you would be able to count 5% of the applicable expenses as "business expenses". You can only deduct the electricity the servers used, not all your power, only the additional air filtration+ciculation, etc. Honestly just loving lol at your ludicrously retarded plan "Don't worry valued clients, even after the freak April storm I have offsite backups!" "Great! When can you get them to us?!" *Goes to oily patch of water where his boat used to be* "Umm ok there were some issues with the offsite backups" "Why? Where were our valuable data, which we specifically paid you to store securely, stored?" "In a poorly made plywood cabinet on my under-insured and unmaintained houseboat!"
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Jan 13, 2016 23:44
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On the other hand, putting a server farm on his boat would
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Jan 14, 2016 02:55
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detectivemonkey posted:On the other hand, putting a server farm on his boat would By server farm he means bitcoin mining rigs with faulty power supplies that will set the boat on fire.
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Jan 14, 2016 03:02
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Still keeps him warm. I'm not seeing a problem here.
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Jan 14, 2016 07:43
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Devian666 posted:By server farm he means bitcoin mining rigs with faulty power supplies that will set the boat on fire. Even I'm not stupid enough to think that Bitcoin mining is worth doing. Uncle Enzo posted:Ok I think even my .003% knowledge of accounting is useless here, but IIRC even if you did put a server farm on your floating deathtrap, the only claimable business expenses from the server farm would be for the fraction of the boat/utilities etc that the farm takes up. So say your server farm took up 5% of the space on your boat, you would be able to count 5% of the applicable expenses as "business expenses". You can only deduct the electricity the servers used, not all your power, only the additional air filtration+ciculation, etc. I would not claim the boat as an office which is where a lot of you seem to be getting confused. So I wouldn't have to figure out or worry about the home office deduction. Instead I would just claim that I use it for something in my business for the purpose of getting it insured under my business insurance policy. And I'm not sure where you all get the idea that any boat not brand new and meticulously cared for sinks at the drop of a hat. There was story in the paper about a houseboat that just got abandoned in the river and stayed afloat for months without anyone on board that was causing an ice dam buildup. Boats want to float naturally its what they do. The only thing I'll have to worry about really is the occasional mechanical issue and creature comfort concerns like heating.
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Jan 14, 2016 15:44
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BaseballPCHiker posted:The only thing I'll have to worry about really is the occasional mechanical issue and creature comfort concerns like heating. Have you put any thought into what business you are going to tell your insurance your boat is for
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Jan 14, 2016 15:52
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SarutosZero posted:Have you put any thought into what business you are going to tell your insurance your boat is for To take clients out on. This plan is all coming together.
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Jan 14, 2016 15:55
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BaseballPCHiker posted:The only thing I'll have to worry about really is the occasional mechanical issue and creature comfort concerns like heating. Well that and, uh, coming up with the money to buy it in the first place. You can't even figure out withholding as a W2 employee so you didn't get your sick refund but this whole thing will work because of the home office deduction? Ok. You haven't addressed something I brought up earlier about insurance. Vehicle insurance covers damage to the vehicle and damage your vehicle causes to others. Homeowner's or renter's insurance covers liability to others, your property inside it, and you can buy coverage for staying elsewhere if your home becomes unlivable. Which type of insurance is houseboat insurance? Also what in the world makes you think that business insurance covering your home office would cover anything other than the equipment in that office with maybe some coverage to pay for another workspace temporarily?
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Jan 14, 2016 16:40
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NancyPants posted:Well that and, uh, coming up with the money to buy it in the first place. You can't even figure out withholding as a W2 employee so you didn't get your sick refund but this whole thing will work because of the home office deduction? Ok. Way to not read anything I wrote. First off I do have my withholding fixed, my employer messed it up when I started, not me. I just didnt catch it when our accounting department messed it up a second time. It is for sure fixed now. Again I wouldnt be using the boat for the home office deduction!!!! How many times do I have to state this? Instead I would use the boat for a business purpose like entertainment or storage or something to insure it as a business asset. This would satisfy the marinas insurance requirement. You are right about not having enough money to buy it in the first place though which sucks. I have enough that with PMI I could probably go buy a house but the bank wants to be lame and not play ball.
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Jan 14, 2016 16:50
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BaseballPCHiker posted:You are right about not having enough money to buy it in the first place though which sucks. I have enough that with PMI I could probably go buy a house but the bank wants to be lame and not play ball. Yea but that was before when you were trying to buy a box boat as a personal residence. Now that its a ~~BUSINESS BOAT~~ you can go in for a business loan
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Jan 14, 2016 16:55
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