08-24-2016, 04:12 AM
my credit card statement has dates, places, and dollar amounts.
Yes, but what did you buy on that date, at that location? I can't just go into Home Depot and buy $1000 worth of stuff, then expect to write off $1000 for "Repairs" on my taxes. The IRS wants to know what I bought, and that it had a legitimate purpose. For instance, did I buy a washing machine (Equipment) but categorize it under Repairs on my 1040 Schedule C, which is a more nebulous hole in which to throw money, then sell that washing machine to my neighbor for a few bucks under cost because I can also apply the charge as a 30% tax deduction in my business?
Win-win.
Money laundering, local style.
Edited to add: Given Billy's questionable track record of his known spending (which has been argued were all legitimate due to his personal exception to the pCard rules) I still believe it would be important to know which specific items he purchased during his tenure as mayor.
Of course, as we've been repeatedly told, he was granted an exception to the rules which absolves him from any pCard scrutiny, and thus any discussion of his pCard spending will soon qualify in the parlance of past Punaweb issues, as beating a dead horse.
Yes, but what did you buy on that date, at that location? I can't just go into Home Depot and buy $1000 worth of stuff, then expect to write off $1000 for "Repairs" on my taxes. The IRS wants to know what I bought, and that it had a legitimate purpose. For instance, did I buy a washing machine (Equipment) but categorize it under Repairs on my 1040 Schedule C, which is a more nebulous hole in which to throw money, then sell that washing machine to my neighbor for a few bucks under cost because I can also apply the charge as a 30% tax deduction in my business?
Win-win.
Money laundering, local style.
Edited to add: Given Billy's questionable track record of his known spending (which has been argued were all legitimate due to his personal exception to the pCard rules) I still believe it would be important to know which specific items he purchased during his tenure as mayor.
Of course, as we've been repeatedly told, he was granted an exception to the rules which absolves him from any pCard scrutiny, and thus any discussion of his pCard spending will soon qualify in the parlance of past Punaweb issues, as beating a dead horse.
"I'm at that stage in life where I stay out of discussions. Even if you say 1+1=5, you're right - have fun." - Keanu Reeves