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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Houseboats: Trying to save money, not waste it!
 
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slap me silly
Nov 1, 2009
Grimey Drawer
That's a dumb reason to close a thread! Don't close it again. If you don't want people to know stuff, just don't post it on the internet - very easy.

* # ¿ Nov 5, 2015 01:37
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# ¿ May 5, 2024 10:25
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slap me silly
Nov 1, 2009
Grimey Drawer

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.

Thankfully I've been keeping a little over a third of what I've been making from my side business to save for taxes. And I consulted with an accountant who went over everything I could count as a business expense for the year which should help me quite a bit as well. I'll see what ends up happening but this still puts a major dent in the future boat budget.

Now for the good news. This same accountant has said that I may be able to get commercial insurance for a boat through my business a whole lot easier than I could as an individual. If I can figure out a business angle for needing a boat and or buying one I could get a business liability policy that would cover me the same. So I'm going to look into putting up some lame "off site storage backup" or "server farms" plan together to justify the purchase.

That still means I need to get a loan to get the boat but it's at least one obstacle down.

This is the best thread.

* # ¿ Jan 11, 2016 16:16
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slap me silly
Nov 1, 2009
Grimey Drawer

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.
No you can't write off your houseboat by putting a hard drive in it. I don't know about the insurance thing but I do have a strong feeling that won't fly either.

* # ¿ Jan 11, 2016 17:29
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slap me silly
Nov 1, 2009
Grimey Drawer

Moneyball posted:

Guys. Stop trying to step all over his dreams.

You are so right. I'm sorry!

* # ¿ Jan 11, 2016 17:31
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slap me silly
Nov 1, 2009
Grimey Drawer

BaseballPCHiker posted:

I don't want to be stuck with a lemon that sinks and costs me a ton of money to keep going.

BaseballPCHiker posted:

The boat needs some work, but it floats and runs

One criterion met! Does it float and run "good"? That's how you know when it's ok to buy the ancient shitmobile that's up on blocks in the rural south somewhere, is if it runs "good". Wondering if this applies to boats. Houseboats. Homeboats.

* # ¿ Jan 29, 2016 15:23
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slap me silly
Nov 1, 2009
Grimey Drawer

spog posted:

I can literally see no downside to buying a leaky, dirty, squalid boat that you don't have the money/financing for.

That's because it's hard to see under water!

* # ¿ Jan 29, 2016 15:34
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# ¿ May 5, 2024 10:25
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slap me silly
Nov 1, 2009
Grimey Drawer

detectivemonkey posted:

Please learn what this is before you buy the boat though.

Spoilsport

* # ¿ Jan 29, 2016 17:38
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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Houseboats: Trying to save money, not waste it!