YouTube personality and all around terrible person Boogie2988 admitted he plans to cheat on his taxes. He shared this on a Twitch stream. He plans on buying boxes of Magic: The Gathering cards and then selling those cards at a substantial loss. At least that’s what the paperwork will show.
Here is the clip from the Twitch stream:
How business deductions work
As a self-employed business owner myself, I don’t’ think he understands how taxes work. Imagine that, Boogie2988 doesn’t quite understand something.
He can buy boxes of Magic: The Gathering cards and claim the purchase as a business expense if he can demonstrate the cards are related to his business. Since he also plays Magic: The Gathering for personal enjoyment, I’m not sure he would want to claim the entire purchase of Magic: The Gathering cards solely as a business expense unless he can show that the cards are listed for sale on his e-commerce portal.
For example, I use a computer for my business. I can purchase a new computer and then deduct the purchase as a business expense. If I also use the computer for my personal use, I would not be able to deduct the entire purchase. I would need to determine how much I use the computer for my personal use and how much I use it for my business. Then, I would need to break it down as a percentage and deduct only the percentage I use for business.
The same would apply to Boogie2988.
The purchase of the Magic: The Gathering cards would not be a “loss.” It’s considered a business expense. At the beginning of the next year, he would add up all his business expenses. Boogie2988 would then deduct that amount from his total income.
As a result, he would not get to claim the purchase of a case of Magic: The Gathering cards was a “loss” because it netted him only $20 from a “friend” (wink, wink). Expenses and income do not break down like that. Total expenses are applied to total income.
Boogie2988 benefited greatly from other people paying their taxes
Boogie2988 is very rich now, but he lived on disability for years before he became a YouTube star. Considering that fact, you might think he would want to pay the federal government everything he owes to it.
He benefited greatly from a government disability program paid for with our tax dollars. Therefore, you might think he would feel morally obligated to pay his fair share in taxes.
You would be wrong. Boogie2988 has no morals.
Boogie2988 admitted to cheating on giveaways to his fans. It should be no surprise he would want to also cheat Uncle Sam.