When people say "oh I'll 'just write it off' on my taxes". Do you even know what means?!

Post Photo
likefunny
Posting as :
works at
You are currently posting as works at

Finance Tik Tok says things like this all the time. People seem to have no idea that you’re not saving dollar for dollar on a write off. You only save the money you would’ve paid in taxes. “Look I can write off half the cost of my Tesla as a business expense”. Okay....$90k/2 = $45k write off and then you’ll save maybe 30% effective tax rate: $45k*30%=13,500 saved. Nice. You saved $13,500 by spending $90k on a car. Meanwhile laypeople think he’s an expert because they think he saved $45k

funnylike

I'm not really into Finance TikTok but shouldn't you have the business acumen to understand the difference between a tax credit and a business expense reducing business income? Its a pet peeve of mine when people misuse that phrase. I'm more forgiving to someone in the general public not understanding the difference but someone who markets themselves as a "finance TikTok-er" should know more than thw average person on the street.

End rant

like

Related Posts

Would you invest in individual stocks if you're invested in a fund that includes those stocks as well? Why or why not?

like

Hi all, I recently purchased a commercial property at WTC, Noida. As I look to grow my portfolio, I spoke to my consultant to see if I could get better prices. He worked with the sales folks at WTC and said that if multiple buyers come in, he could work out a deal. Wanted to check if anyone is interested? I could potentially get him to set up one-on-ones to help explain the commercial real estate market. Even if this property doesn’t seem interesting, I think an interaction wouldn’t hurt.. contd

like

as another fish. have 13k left in car payments for another 40+ months, would you recommend doing a 10k onetime payment or investing that 10k instead. better to lower debt or keep paying monthly cost

Anyone else heard the news of KPMG staffing 1,500 employees to work 6 pm to 6 am reviewing documentation for cares act SBA bailout loans? My thoughts are 1- admirable cause 2- I would hate to (cont’d)

like

Currently single with no major financial obligations (no debt, no car, etc.). I feel like I make decent money ($225k) but somehow can’t seem to save at all. Anyone else feel like this?

likefunnyuplifting

Best sign up bonus right now that is not the CSP and the Amex platinum?

like

Hi guys,

Can anyone help me what will be my take home salary for the following.

And aslo please suggest me some tax saving options?

Thanks for all the support!!

Post Photo
like

I’m new to investments - my advisor in India asked me to start off with some corporate FDs and large cap mutual funds. Any thoughts, given the COVID scenario?

Thoughts on the new Chase Freedom Flex?

like

Hello All,
If anyone is interested in getting an Amex card as first year free, please dm me. I can help with referral so that you get the card FYF and 2000 bonus points on spending just Rs. 5000 in 90 days.

like

I’ve gotten massive returns by making huge bets on good coins. XLM is my current darling: FairX, ICO platform, partnerships, use cases and fast payments.

like

Do we have to update the tracking and trading with details of like mutual fund, life insurance

like

So, Partners... What's your spending breakdown like? Curious to see what expenses y'all have. # of yrs as Partner may also help.

Thanks for sharing! Again, just for fun and curiosity.

likehelpfulfunny

I joined in mid February in FIS Global and my PF is deducting since Feb but not crediting in PF account as it is not showing in PF portal. Only 9 days of Feb of Employer contribution in PF and EPS is showing only.

Kindly to whom or how to approach for this ??

like

Any tax accountants/attorneys in here? What would happen to the 401k of a foreign worker if they cannot longer maintain an immigration status and have to go back home? What about a ROTH 401k? Assuming they made after-tax contributions, would they still be able to take tax-free distributions if they are non-resident aliens for tax purposes?

like

Hey folks I applied for a credit card they were asking for official mailid is it legal to provide bank mailid for credit card processing?

like

Recent college grad with ~$25k in student loan debt and no investments. I have about $10k I want to invest but I have no idea where to start. Please help

Should I put $20K towards my student loan balance of $230K before the no-interest period ends or max out my 401k, which I have contributed nothing to this year. I’m 25. Employee matches 4%.

like

I’m currently signed on a contract for my first house for new construction that has gas heating. I have not lived in a house with this before and this entire time have been battling the anxiety of it even with detector. The house, location, and price is all everything I could dream of. Any advice on what to do in this situation?

like

Any thoughts on the ETF, OGIG (O’Shares Global Internet Giants)?

It is from Kevin O’Leary’s fund.

like

More Posts

McKinsey & Company Strategy& people are getting a $4500 special recognition bonus on top of the annual bonus!🤑

How are y’all firms doing?

Boston Consulting Group McKinsey & Company Kearney Oliver Wyman Roland Berger

like

Which are the best forex card for an Indian travelling to UAE for a 2 months work engagement?

like

Final day at current company tomorrow and I have 100k+ AMEX points I need to use before they disappear forever. How should I redeem them to get the most bang for my buck?

likehelpful

Currently have chase sapphire but thinking of switching to Reserve. Should I?
Wife will also be authorized user, we do travel and will use this card for all our purchases

like

Looking to buy 35K marriott bonvoy points. Let me know if anyone’s willing to sell?

like

Hi shark please help me I have 2 offers EY 22+2(variable) location Bangalore;
Wns 23+4.6(variable) location Gurgaon. , which one to choose ?

Everyone I needed final approvals from to get these expert retention agreements signed off has decided to ignore me on literally the day our disclosures are due.

like

RSM folks, how long prior to start date did you get your laptop? Did you get any info on tracking number etc?

like

Hello Fishes,

May I know what all the topics will be covered in the first round of interviewfor the role of "Data Analyst" in Comcast Company...

Thank you 😊

like

Hi, Anyone joining TCS on november 23rd at hyderabad

like

So we waited all that time to learn that Madison and Peter are just going to give it a shot against the wishes of Peters awful Mom?

like

Is it acceptable to sit together at a Yankees game if you have tickets in the same section but same row/next to each other?

like

How long does it take in tcs to complete the bgv? When can i know whether it is completed successfully or not?

like

Mulling over an offer. Is work at MBB way more work / significantly more intense than Big 4? I feel like I have a good brand/rep at EY; not sure if effort to rebuild all of that at MBB is worth it?

like

What happens to my 401(k) now that I’m leaving the firm?

like

Pro systems users: (1120s) need to get 20+ rental properties to aggregate to one line on code v stmt in the k1. This is a consolidated return and we can get it to work in the standalone version.

like

Thoughtworks Actively for various Engineering Roles !!!!

Use Below Form to send your resume for referral.

https://docs.google.com/forms/d/e/1FAIpQLSdteOWrQAQkcsYHcGd4WgxX3ggZHC3Clprg8zfa3YPVf3hZnw/viewform?usp=sf_link/

for more information, look at the attached image.

Link is broken ? No worries, you can find my email ID in the below image. Send you updated resumes with the area of preferences.

Post Photo
like

Vanity Marketing Mags (e.g., Vanguard Law)

Anyone done a feature for Vanguard Law or similar? How did that work out for you? Did your outside counsel receive a shake down to sponsor the piece?

I have been stiff arming Vanguard for years but am curious if there’s any actual benefit. Or at least funny stories.

like

Can anyone refer me to the Starz/Lionsgate Legal Affairs, Counsel role? I’d be happy to send you my resume first. Thanks!

likesmart

Additional Posts in Accounting Memes

^when the client puts you on actuals^

like

“We’re shocked that you’re leaving! We had no idea you were this unhappy!"

Post Photo
likefunny

Why does it have to be this way?

Post Photo
likefunny

I’m so bored at watching the debate tonight so I started to try on clothes I don’t wear often.

Post Photo
likefunny

Lol have fun

Post Photo
likefunny

Partners be like

Post Photo
likefunny

...or outlook for me.

Post Photo
likefunny

When I kiss goodbye to KPMG...this is my dream celebration cake.

Post Photo
likefunnyuplifting

Taxaccountantmemes in the house!

Too real 😭

Post Photo
likefunny
like

Welcome interns and new associates. You will learn to sink or swim.

Post Photo
like

Me at recruiting events

Post Photo
likefunny

Or both 😂

Post Photo
likefunny

The struggle is real...

Post Photo
likefunny

Don’t forget it’s almost time to start quarters.

Post Photo
likefunny

"You're an accountant, you're good with numbers right?" Me:

Post Photo
funnylike

Everyone I know the last 2 weeks

Post Photo
likefunny

For those of you taking a little break after busy season, don’t be this guy.

Post Photo
likefunny

You better believe it.

Post Photo
likefunny

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal