You can deduct $70k for haircuts too, as long as you can prove it’s a business expense. Ever wonder why YouTubers make so many videos remodeling/upgrading their house? You can’t deduct things unless you make money. The IRS will audit YOU if you try to say your small business loses money 3/5 years. If it’s not Dinosaur I Try To Be Good But I Take After My Grandma Halloween Shirt a business. If you’re as well connected as trump through you can apparently get away with it. Yes, but one year of losing 100 million dollars of capital can be deducted against many years into the future if the following years aren’t very profitable. So you make 3 million each year and deduct the 100 million loss over 33 years. No taxes. You work for your corporate at $1/year and the corporation pays for $70,000 haircuts, etc.
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Nothing wrong with carrying forward losses, if said losses are true. It’s usually temporally limited though. IRS fucking LOVES small businesses that make enough money to make auditing worthwhile, but not enough to hire good tax attorneys. Yes-ish. You Dinosaur I Try To Be Good But I Take After My Grandma Halloween Shirt). Otherwise, the IRS might reclassify your “business” as a hobby, which would cause you to pay back taxes for all the deductions you made. If you are seeking profit (you don’t have to make a profit, but you have to be able to argue/show that you are attempting to make a profit), then you can deduct business-related expenses. So appearance, computers, upgrades, software, cameras, etc. As long as it is used in the business.
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