My wife and I just started a new catering business, the details of which I’ll leave for a later date as I don’t want to be lambasted for “advertising.” At any rate, we were discussing the types of events that we could do, advertising, blah blah blah. Well as it turns out, we’ve always thought that bike races/rides, running events, tris, etc. would fit right into what we do. So I thought, what better way to advertise for said events than to have some jerseys, and such, made as an advertisement. This is where I went a little off the deep end - I started thinking that I could write that off as an advertising/marketing expense. Then I thought, well, I have to ride a bike wearing one of my new jerseys in order to advertise, so I could write that off too. Yeah, I know it’s overboard, but is it completely insane? Anyone tried this? Am I way off base with the legitimacy of the write offs (don’t know all my tax code yet in that department)? Just some food for thought. Thanks!!
Yeah, figured it sounded too good. Don’t think “advertising medium” would fly?? Besides, if business takes off like I’m hoping, I can afford the damn bike.
Simple…sponsor a public ride as part of your ad campaign…then right off the bike as part of what was needed in the ride. Also right off clothing, food, travel and on and on…I even right off my underwear and dry cleaining.
I’ve been self employed all my working life and have had several side businesses in scuba diving, photography and writing besides my various chiropractic offices and will suggest the only way to approach this is to have a talk with an accountant.
Just don’t talk to any accountant since some of them are just bean counters. You need somebody with a bit of creativity who understands small business and is willing to push the envelop right to the legal limit.
IMO- you probably can push thru the bike as a tax deductable expense if you do it properly. But talk to the accountant first.
I think a better idea would be to put the advertising on your car and “write that off” instead. Then you can afford any bike you want.
I would approach a local RD and offer to cater their race at cost in exchange for advertising in their bags (pamphlets), advertising in transition, on their web page etc…Word of mouth is the best advertisement. If people like what they see and eat, you will know it and they will tell others. Just make sure you do a good job
One thing…if you advertise on your car do NOT under any circumstances drive like an ass. I boycott all businesses where the driver drives like an ass. I have been known to call the business and tell them that as well.
"Hmmm, and I wonder why there is a huge tax collection short-fall every year "
There is a huge difference between illegal tax evasion and legal tax avoidance. Everybody has the legal right to pay as little tax as legally possible. In fact, any small business owner that isn’t is a damn fool.
It’s easier to be more creative in lowering your tax rate for the self employed than if workng for somebody else. But - consider that the self employed don’t get paid holidays, sick days, pension plans, and all the other perks.
The lower tax incentives is the only advantage of self employment IMO.
and it’s hardly that because we get hit with an additional 15% self employment tax. really, the bullshit that small business owners have to deal with is unreal. shame on anyone who believes that we have it easy…especially in this world of big business and the large tax breaks they get.
“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one’s taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any
public duty to pay more than the law demands.”
Amen sister. I have to pay a $50 ‘sign permit’ to put a lousy yard sign in the side of the road in front of my shop. And the city will only issue ‘sign permits’ 3 times a year covering 2 week periods for each $50.
wait, are you telling me that it costs you a 100 bucks a month, 1,200.00 a year for you to have your sign up??? and you have to pay 400 bucks a pop to do this?
please tell me I’ve got this wrong…that is just awful!!!
PM me your email and I’ll send you some pics of some custom jerseys I just did for a guy in the same situation as yourself. Resturant owner who does all the local races, wife is a pro Xterra athlete and he figured that Jerseys versus print adds, Jerseys were just more fun, about the same cost, and pretty effective advertising as well. As a bonus, who knows if you end up getting Jerseys maybe you’ll hire me to do the design and ordering:)
Well shoot kittycat now I have to defend the city in this post. No, it isn’t that bad. I just did a lousy job of explaining the stupid, represive, blood sucking, bearucratic, commie tax.
It works like this: Street signs or yard signs (the kind on stakes) are prohibited in the city my store is in. (Unless you are running for re-election, then they are littered on every square inch of available grass)
Business owners MAY purchase a temporary sign permit. The permit costs 50 bucks. This permit allows me to promote my business (which I pay taxes on already mind you) for two weeks on a sign staked out in front of my parking lot. The permits are only issued three times per year. So in a calendar year I pay $150 for a total of 6 weeks of signage.
Some of us do play ‘guerilla’ with our signs. Putting them up in the morning and taking them down at night, moving them to different spots, etc. But if a bored cop sees an unpermitted sign he can confiscate it without warning or returning it.
if you ever need someone to spy on the cops, and cue you in on moving the signs, I’m you’re woman. I look great in black, can run pretty fast, and know how to work a walkie talkie
commie tax…lol!!! i love it!! it’s funny, when i meet someone named SAM i want to punch them automatically. (just kidding. It takes me a few mintues to work up the courage)
SAM? That one went right over my head. But my day is winding down and I skipped lunch. So my mental synopsis are not all firing today. As a few guys from the Lavendar Room can confirm.
And I’m shocked! You need to work up your courage before hitting a dude? I’ve watched with some envy how you used to talk to Tibbs. I thought bitch slapping was a lightning quick reflex for you.
