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Old 03-04-2015, 05:48 PM   #1
granthindsley OP
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Tax Time!

Do any of you ride your bikes for work a lot? I know we can't deduct the standard mileage rate...which blows!

I'm reading about depreciation, but that kind of sucks because a lot of times you get a bike for really cheap and make it awesome. Won't come away with the same money (or what I consider a cushion for my taxes and other income) while riding a bike.

What do you all do?
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Old 03-04-2015, 06:04 PM   #2
GSAragazzi
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Originally Posted by granthindsley View Post
Do any of you ride your bikes for work a lot? I know we can't deduct the standard mileage rate...which blows!

I'm reading about depreciation, but that kind of sucks because a lot of times you get a bike for really cheap and make it awesome. Won't come away with the same money (or what I consider a cushion for my taxes and other income) while riding a bike.

What do you all do?
I don't know if this woud work in your case but for my restaurants I buy the delivery bikes and lease them back to the company (making them an expense). You can incorporate and lease your car or bike to you as an employee of the corp.
I'm not an accountant or Tax lawyer so take this with a heap of salt. It's just a suggestion ymmv. Interested in other answers
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Old 03-05-2015, 04:03 AM   #3
trailer Rails
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I am wondering if I can write my bike off like people write golf outings or ski trips off.




This seems like a good place to get sound finical advice.
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Old 03-05-2015, 06:58 PM   #4
Mecano
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Originally Posted by trailer Rails View Post
I am wondering if I can write my bike off like people write golf outings or ski trips off.




This seems like a good place to get sound finical advice.
If you compete or can generate income from ridding by getting sponsorship money, even if is a few hundred bucks, you can incorporate and deduct motorcycles, trips, parts, trailers, mileage to events, even operating costs of an RV. But be careful you can only carry loses for a few years, the IRS Gestapo may get curious after awhile.
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