New Tax Deduction?

[BillPMB]

Now,

I would think that all the content we can't get id's and model releases for would be tax deductible in some way if we have to pull the content and also charge a reasonable hourly rate to do so?

It IS a business loss, and there is time involved in replacing, admin time, etc for getting new stuff in place.

Who do we send the bill to for this stuff? :matey:

[Defiant]

Originally posted by BillPMB@Jun 20 2005, 07:40 PM
Now,

I would think that all the content we can't get id's and model releases for would be tax deductible in some way if we have to pull the content and also charge a reasonable hourly rate to do so?

It IS a business loss, and there is time involved in replacing, admin time, etc for getting new stuff in place.

Who do we send the bill to for this stuff? :matey:
I would imagine that it ought to be sent to the office of the Attorney General

[BillPMB]

Originally posted by Defiant@Jun 20 2005, 08:53 PM
I would imagine that it ought to be sent to the office of the Attorney General



Can I get an amen, or at least a big ole' DUH on that one? ;)

I know I've got a 1/2 mil in worthless content or more, prolly closer to 3/4 of a mil. I'm not eating it if I or my accountants can help it. You can make me lose sleep, but not money. Either is gonna cost someone. Both is gonna cost everyone.

Bombs for Bahgdad just went up in price god bless america *cough*

:ph34r:

[EroticySteve]

Originally posted by BillPMB@Jun 20 2005, 07:40 PM
Now,

I would think that all the content we can't get id's and model releases for would be tax deductible in some way if we have to pull the content and also charge a reasonable hourly rate to do so?

It IS a business loss, and there is time involved in replacing, admin time, etc for getting new stuff in place.

Who do we send the bill to for this stuff? :matey:
Fab idea. Truly. I suppose that a good Accountant can find a legal and ethical way to recoup some of the loss on that material. If it is non-viable inventory I'm sure that there is some way to write it off without ending up in the slammer.

[Jeremy]

Bill -

Would the content have appeared under the Tangible / Fixed Assets section on your company's balance sheet? If so, you can probably write it off / depreciate it 100% from there. I can never remember exactly how that affects your tax position though.

You might be able to reclaim some of the variable costs of dealing with it, but probably only the *extra* ones you have incurred. Everything else would probably be classed as "normal" business costs :-(

[Electra]

Maybe there's some other way to use all this now apparently worthless content.

Hey..you don't want your old worthless content..send it all to me. I might figure out how to use it some day, you never know.

:biglaugh:

[BillPMB]

hehehe,

Electra, of course it's only worthless if this terrorist action against our business actually suck-seeds. (note, the suck my dick reference for the dim lights on the tree) ;)

I've got roughly 300 pounds of CDs. I hear that's pretty entertaining in a cheap microwave oven. lol

Already talked to the accountant, it can be written off if need be. :rokk:

[Electra]

Originally posted by BillPMB@Jun 21 2005, 05:07 PM
hehehe,

Electra, of course it's only worthless if this terrorist action against our business actually suck-seeds. (note, the suck my dick reference for the dim lights on the tree) ;)

I've got roughly 300 pounds of CDs. I hear that's pretty entertaining in a cheap microwave oven. lol

Already talked to the accountant, it can be written off if need be. :rokk:
Darn it Bill! I had already cleared out my second bedroom so I could use it to stack all that worthless content you were going to send me...hehehehe.

Seriously, I have a bunch I don't know what to do with as well. Glad to know that it can be written off.

[Peaches]

Originally posted by Electra@Jun 21 2005, 09:22 PM
Darn it Bill! I had already cleared out my second bedroom so I could use it to stack all that worthless content you were going to send me...hehehehe.

Seriously, I have a bunch I don't know what to do with as well. Glad to know that it can be written off.
I wish I had known! I put all mine in a trash bag with no other identifying pieces of trash and put it in the dump :(

[Electra]

Originally posted by Peaches+Jun 21 2005, 05:26 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Peaches @ Jun 21 2005, 05:26 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-Electra@Jun 21 2005, 09:22 PM
Darn it Bill! I had already cleared out my second bedroom so I could use it to stack all that worthless content you were going to send me...hehehehe.

Seriously, I have a bunch I don't know what to do with as well. Glad to know that it can be written off.
I wish I had known! I put all mine in a trash bag with no other identifying pieces of trash and put it in the dump :( [/b][/quote]

You probably just need the receipts anyway. I am a paper hound..I keep everything.

[ThrobX]

Originally posted by Peaches+Jun 21 2005, 05:26 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Peaches @ Jun 21 2005, 05:26 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-Electra@Jun 21 2005, 09:22 PM
Darn it Bill! I had already cleared out my second bedroom so I could use it to stack all that worthless content you were going to send me...hehehehe.

Seriously, I have a bunch I don't know what to do with as well. Glad to know that it can be written off.
I wish I had known! I put all mine in a trash bag with no other identifying pieces of trash and put it in the dump :( [/b][/quote]
Which dump? :groucho:

[ThrobX]

Dammit Electra, you beat me to it. <_<

[Electra]

Originally posted by ThrobX@Jun 21 2005, 05:42 PM
Dammit Electra, you beat me to it. <_<
Haha..I edited my post. But...I am still up for going to look for that trash bag in the dump if you will come and hold the flashlight LOL.

[Peaches]

LOL, no - I meant I would have sent you the disks :) I have the receipts. And since I already wrote off buying them, not sure I can write them off again. I "pay" myself so I guess I could write off the overtime it took me to delete things off the server :)

(and the dump is a LOOOONG way from ya'll :P )

[BillPMB]

Why delete? Just use .htacces to redir!

Rules rulez! :)

David Lace, Scarlett, Max Candy, Zip, et al, you've got a special place in hell.

I'm after you! :ph34r:

[Peaches]

Originally posted by BillPMB@Jun 22 2005, 12:54 AM
Why delete? Just use .htacces to redir!
I did both - I deleted just because I didn't want them on my server any more. These were pictures where the companies had gone out of business - no way to get IDs myself and I didn't want to list my home address as place of record anyway. Easier to just to get rid of them and redirect to a text page :)

[ThrobX]

Originally posted by Peaches@Jun 21 2005, 05:54 PM
And since I already wrote off buying them, not sure I can write them off again. I "pay" myself so I guess I could write off the overtime it took me to delete things off the server :)
You know, I was wondering this when Bill posted his first post in this thread. Every single pic I've ever licensed was immediately written off as a business expense. And if you have to have an employee go through stuff now to pull anything down, that's payroll just like any other. And you can't "write off" your own time spent doing that, unless of course you pay yourself a wage like an employee, in which case it's payroll.

The way I look at it, what content I do have that I'm at least temporarily pulling down A] already had the initial cost written off, and B] has made me, at the extreme least, 5 times in profits. So I just look at it as a cost of doing business.

But hey, you know I love you Bill (platonically, of course), so if you got some other legitimate writeoff that I'm unaware of, hey baby, I'm all ears. :D