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SEGWAY (IT) for free! ...Well you can write it off..
- Thread starter ieee
- Start date
No golf course buddy,
you shall operate your Segway? HT only in accordance with the guidelines provided to you by Segway, and shall abide by any regulations governing the use of the Segway? HT in your area.
quote source
you shall operate your Segway? HT only in accordance with the guidelines provided to you by Segway, and shall abide by any regulations governing the use of the Segway? HT in your area.
quote source
Even after the write-off, you are looking at over $10,000 (or more depending on auction close).
Do not forget that the write-off for a product received is only the amount ABOVE FMV for the item. What is the FMV for this item? No less than $4,000, but the IRS may say $13,000, as you can not purchase one for less at this time.
Do not forget that the write-off for a product received is only the amount ABOVE FMV for the item. What is the FMV for this item? No less than $4,000, but the IRS may say $13,000, as you can not purchase one for less at this time.
Why does everyone always think that a "tax-writeoff" means free?
Here's a quick lesson on tax write-offs:
If you make $50,000/year the gov is going to tax you on $50,000. Say the tax rate is 30%, then you'll end up paying a total of $15,000. Now say you spend $10,000 on charities or other write-offable stuff. Then you are going to be taxed on only $40,000 for a total of $12,000. By spending that $10,000 you have saved only $3,000 in taxes NOT the full $10,000. So by buying this Segway at $15,000 you may actually save as much as $5,000 in taxes at then end of the year (depending on your income level) but still be out $10,000 for a device that will go on sale soon for $3,000. So this is not free nor is it even close to free.
This should be re-titled to "Segway (IT), damn expensive"
Here's a quick lesson on tax write-offs:
If you make $50,000/year the gov is going to tax you on $50,000. Say the tax rate is 30%, then you'll end up paying a total of $15,000. Now say you spend $10,000 on charities or other write-offable stuff. Then you are going to be taxed on only $40,000 for a total of $12,000. By spending that $10,000 you have saved only $3,000 in taxes NOT the full $10,000. So by buying this Segway at $15,000 you may actually save as much as $5,000 in taxes at then end of the year (depending on your income level) but still be out $10,000 for a device that will go on sale soon for $3,000. So this is not free nor is it even close to free.
This should be re-titled to "Segway (IT), damn expensive"
JonathanTheRed
Member
Jasonja and Bookie are of course correct. But one thing I want to add, Jasonja, is that I do believe that the tax reform legislation that was passed last year enables those who do not itemize to nevertheless write off at least some charitable donations. I'm no tax attorney and may be wrong. Check with your accountant.
TyroneWashington
Senior member
You're better off getting Ford's .TH!NK Neighbor , it has a top speed of about 35 MPH, street legal, and you charge it up for about a dollar. Hey, I'd rather drive a golf cart rather than stand on a piece of sh!t segway.
levarcapricorn
Member
the segway i dont think will be very popular here in united states,
there are other countries that are much more crowded than us.
japan for instance, i can see japan eating these things up.
i still think they are pretty cool, they might look silly but its a pretty ingenious idea.
good for factories too.
college campuses
i would use one.
there are other countries that are much more crowded than us.
japan for instance, i can see japan eating these things up.
i still think they are pretty cool, they might look silly but its a pretty ingenious idea.
good for factories too.
college campuses
i would use one.
wakeboarder
Member
Now above 60G's. I heard that if you pay over $75,000 they'll hook it up with a kickin system, low profile tires, some stylin' rims, a turbo, and hydrolics. That way you can blow by all the losers on their normal Segways and do it in style.
For that money you should just hire a personal chauffer to take you everywhere.
For that money you should just hire a personal chauffer to take you everywhere.
Bookie;
A little simplified. I think the savings might be larger, since I don't believe your income is not taxed at a uniform rate. If your charitable deductions lower your taxable income enough, you would fall into a lower tax bracket for the remaining income. Still, your right. There is no way the whole price is going to be deducted. However, I might add that I believe a company could not only right off the portion above fair market value as a charitable deduction, it could get tax breaks on the remaining fair market value of the item if it was used for business purposes. So a company could get a significant writeoff. Not free, but significant.
A little simplified. I think the savings might be larger, since I don't believe your income is not taxed at a uniform rate. If your charitable deductions lower your taxable income enough, you would fall into a lower tax bracket for the remaining income. Still, your right. There is no way the whole price is going to be deducted. However, I might add that I believe a company could not only right off the portion above fair market value as a charitable deduction, it could get tax breaks on the remaining fair market value of the item if it was used for business purposes. So a company could get a significant writeoff. Not free, but significant.
JonathanTheRed
Member
Chasm: That's not quite accurate either. Tax brackets are applied to marginal income, not your entire income. Each segment of your income is charged at the appropriate bracket.
To contrive an example: suppose the tax rate is 10% up to $10,000, 20% for income from $10,001-$20,000, and 30% for $20,001+. Let's say you earn $30,000. You're in the 30% tax bracket, but that does not mean your total tax will be $30,000 * 30% = $9,000. Instead, you pay 10% on your first $10,000 of income ($1,000), 20% on your second $10,000 of income ($2,000), and 30% on the remaining $10,000 ($3,000) for a total tax bill of $6,000.
To take a less contrived (real life) example: that's why everyone above a certain income got $300 back last year. The 15% tax bracket, which happened to be the lowest, was lowered to 10%. That rate applied to the first $12,000 of income, so the total tax on everyone's first $12,000 of income dropped from $1,800 to $1,200. The $300 you got back represented the tax you overpaid for the first half of the year. (For the second half of the year, the amount withheld from your paycheck for taxes dropped about $50/month). Everyone whose adjusted gross income was over $12,000 will pay exactly $1,200 at the 10% rate... no more, no less.
So to sum up: you can make all the charitable deductions you want, but you can't "fall into a lower tax bracket for the remaining income." That remaining income is already being taxed at the lowest available rate. The good news is that deductions reduce the amount of income you have that's taxed at the highest bracket you're in.
Repetition of disclaimer: I'm not a tax attorney. Consult your accountant before making any major financial decisions for tax purposes.
To contrive an example: suppose the tax rate is 10% up to $10,000, 20% for income from $10,001-$20,000, and 30% for $20,001+. Let's say you earn $30,000. You're in the 30% tax bracket, but that does not mean your total tax will be $30,000 * 30% = $9,000. Instead, you pay 10% on your first $10,000 of income ($1,000), 20% on your second $10,000 of income ($2,000), and 30% on the remaining $10,000 ($3,000) for a total tax bill of $6,000.
To take a less contrived (real life) example: that's why everyone above a certain income got $300 back last year. The 15% tax bracket, which happened to be the lowest, was lowered to 10%. That rate applied to the first $12,000 of income, so the total tax on everyone's first $12,000 of income dropped from $1,800 to $1,200. The $300 you got back represented the tax you overpaid for the first half of the year. (For the second half of the year, the amount withheld from your paycheck for taxes dropped about $50/month). Everyone whose adjusted gross income was over $12,000 will pay exactly $1,200 at the 10% rate... no more, no less.
So to sum up: you can make all the charitable deductions you want, but you can't "fall into a lower tax bracket for the remaining income." That remaining income is already being taxed at the lowest available rate. The good news is that deductions reduce the amount of income you have that's taxed at the highest bracket you're in.
Repetition of disclaimer: I'm not a tax attorney. Consult your accountant before making any major financial decisions for tax purposes.
jeepguy100
Member
No hot deal here.
Please lock...
Please lock...
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