new Reef store

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from teh googles:

BUFFALO CORAL REEF INC
158 Pleasant View Drive
Lancaster, NY 14086
Phone: Not Available
Directory Heading
Incorporated: 02/2011; This business has not yet been classified.
 
I just read through all of this and like many of you think it’s a pretty lame attempt at advertising. I also find it a bit comical. I think it would have to be a pretty large house to make any sort of profit. However, and I'm not rooting for them in any way so don't misunderstand me, they might be pretty smart about what their doing. Whoever the owner is of this "buffalo corals" could just be trying to save themselves a few bucks on their rent and bills and have no intention of actually starting a business. If you run a small business out of your home you can write off rent/mortgage, electric bill, water bill, and anything that is purchased under the business's name. Things like new lights, skimmers, power heads, live rock and sand, and any livestock can be written off as well. Doing this you save a good deal of money on your tax return at the end of the year and get more money back for what you purchased but made no profit off of. You can run a failing business for a few years and then close it down because you were not making any profit, and in the meantime you just set yourself up with a sick tank filled with everything you want. Its all legal and all you have to do is just show that your trying to make the business work, like advertising, and save receipts of everything you bought or sold (most of us sell or trade frags so that is something that would be considered the profit that you have to declare). I’m not trying to stick up for this person but if you look at it this way it makes some sense if this is their intention. If this is not their intention then they are a bit of an idiot.
 
Seaweed Brain said:
I just read through all of this and like many of you think it's a pretty lame attempt at advertising. I also find it a bit comical. I think it would have to be a pretty large house to make any sort of profit. However, and I'm not rooting for them in any way so don't misunderstand me, they might be pretty smart about what their doing. Whoever the owner is of this "buffalo corals" could just be trying to save themselves a few bucks on their rent and bills and have no intention of actually starting a business. If you run a small business out of your home you can write off rent/mortgage, electric bill, water bill, and anything that is purchased under the business's name. Things like new lights, skimmers, power heads, live rock and sand, and any livestock can be written off as well. Doing this you save a good deal of money on your tax return at the end of the year and get more money back for what you purchased but made no profit off of. You can run a failing business for a few years and then close it down because you were not making any profit, and in the meantime you just set yourself up with a sick tank filled with everything you want. Its all legal and all you have to do is just show that your trying to make the business work, like advertising, and save receipts of everything you bought or sold (most of us sell or trade frags so that is something that would be considered the profit that you have to declare). I'm not trying to stick up for this person but if you look at it this way it makes some sense if this is their intention. If this is not their intention then they are a bit of an idiot.
Click to expand...

While you can write off a bunch of stuff, but not all your mortgage, water bill, electric, etc. There are certain regulations you have to follow.

And not to get on a high horse, but IMO it's kind of shady to start a business, claim all the tax breaks, all with no intent to make a real go of it. I have no problem if someone has the intent to succeed, but fails. This is the reason the IRS tries to crack down so much on home based businesses.
 
Seaweed Brain said:
I just read through all of this and like many of you think it's a pretty lame attempt at advertising. I also find it a bit comical. I think it would have to be a pretty large house to make any sort of profit. However, and I'm not rooting for them in any way so don't misunderstand me, they might be pretty smart about what their doing. Whoever the owner is of this "buffalo corals" could just be trying to save themselves a few bucks on their rent and bills and have no intention of actually starting a business. If you run a small business out of your home you can write off rent/mortgage, electric bill, water bill, and anything that is purchased under the business's name. Things like new lights, skimmers, power heads, live rock and sand, and any livestock can be written off as well. Doing this you save a good deal of money on your tax return at the end of the year and get more money back for what you purchased but made no profit off of. You can run a failing business for a few years and then close it down because you were not making any profit, and in the meantime you just set yourself up with a sick tank filled with everything you want. Its all legal and all you have to do is just show that your trying to make the business work, like advertising, and save receipts of everything you bought or sold (most of us sell or trade frags so that is something that would be considered the profit that you have to declare). I'm not trying to stick up for this person but if you look at it this way it makes some sense if this is their intention. If this is not their intention then they are a bit of an idiot.
Click to expand...

This would be pure FRAUD in my book
 
Unless its the competition hasinsider information to create a bias against new competition LOL bwaaaahahahahhahahaa But no one would ever know this has turned into a psych major 101 If the IQ base among our readers is in fact that high you would never know.....bwaaahahahahahahahaha.. That a real Mind F*c^ huh..... lol
 
While you can write off a bunch of stuff, but not all your mortgage, water bill, electric, etc. There are certain regulations you have to follow.

And not to get on a high horse, but IMO it's kind of shady to start a business, claim all the tax breaks, all with no intent to make a real go of it. I have no problem if someone has the intent to succeed, but fails. This is the reason the IRS tries to crack down so much on home based businesses.
Click to expand...

Your right, you cannot write off all your expensis but you can on some and save a few bucks. I don't agree with it either, just merely stating that if this is the person's intent then this post will give them credit for "trying to advertise". I always try and see things from both sides, but sometimes I get too carried away with it, and from re-reading my post I think I went a little overboard.
 
Seaweed Brain said:
I just read through all of this and like many of you think it’s a pretty lame attempt at advertising. I also find it a bit comical. I think it would have to be a pretty large house to make any sort of profit. However, and I'm not rooting for them in any way so don't misunderstand me, they might be pretty smart about what their doing. Whoever the owner is of this "buffalo corals" could just be trying to save themselves a few bucks on their rent and bills and have no intention of actually starting a business. If you run a small business out of your home you can write off rent/mortgage, electric bill, water bill, and anything that is purchased under the business's name. Things like new lights, skimmers, power heads, live rock and sand, and any livestock can be written off as well. Doing this you save a good deal of money on your tax return at the end of the year and get more money back for what you purchased but made no profit off of. You can run a failing business for a few years and then close it down because you were not making any profit, and in the meantime you just set yourself up with a sick tank filled with everything you want. Its all legal and all you have to do is just show that your trying to make the business work, like advertising, and save receipts of everything you bought or sold (most of us sell or trade frags so that is something that would be considered the profit that you have to declare). I’m not trying to stick up for this person but if you look at it this way it makes some sense if this is their intention. If this is not their intention then they are a bit of an idiot.
Click to expand...

You are correct, this can be done. BUT, make no mistake!..... The fed's WILL, under no circumstances come back to the "closed, no profit business" & will absolutely get the money back the bum business guy "claimed" in previous years. There are laws on the books since the mid 70's. The "profit & loss" laws protect the state/fed against fraudulent scams like the one you just described. If the business fails to make a profit 3 out of 5 years, the govt. WILL come back to you for the money (tax returned based on write-off due to business costs), hands down.

God I was hoping this thread would be put to pasture..... way overdue IMHO.
 
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