Theriot

Have always been the type that likes to have everything paid off. Truck,house,toys ect. My CPA is telling me because of growth in my business I need more deductions. Maybe two three quarter ton trucks is what he suggest. I just have a hard time with the put yourself in debt to save money. I like having a large working capital and not having any worries about financing jobs with a safety net. My CPA says I will be punished in taxes if I don't spend more on Sh-t the company don't need. I have three diesel dodges around 2007 that are in great shape. I spend a lot on my tool fetish but not enough. What are some cleaver deductions I might be missing. Keep in mind I'm not willing to do jail time to write off a pleasure boat or a BMW for a work truck.

Modern Castle Inc.

I collect gas receipts,HD, Lowes.......

mdfriday

Time for a new cpa.

Btw, if things are that good, why do you need to go into debt. If you "purchase" something it is still a write off.

Theriot

I was told not to pay it off out right so I can use the deduction for a couple of years. So I can write off the interest. Paying interest on something I don't think I need like new trucks is crazy and paying off out right will hurt my working capital. Everyone keeps telling my if I don't spend it Uncle Sam will. Dumb debt base economy.

Modern Castle Inc.

If you get new trucks, even if you pay them off outright you can still depreciate them, you can also depreciate tools like benders and tuggers....

Magnettica

I just rented a storage space and I'm happy as **** about it because A) my business is growing, and B) it's a tax write off.

drsparky

Share the wealth, do something big for your employees that are helping you do so well.

__________________

Theriot

Not joking this week was a bonus week of one grand for two of them and four hundred for the other two. Any other ideas for deductions? I do want a new camper maybe use it for a out of town job wink wink.

captkirk

sounds like you need a better accountant...

__________________
Full time Bovine Scatologist.

3xdad

Help Ken jump off a building.

__________________
"Starbucks makes you vote funny" ..macmikeman
"I'm gonna try something I call a compliment sandwich..." ..Big John
"i do love me some gutter" ..Eric

Theriot

He is trying to help I'm just being hard headed. Owner only please. I don't need employees spending my money. Just joking spend away. Any ideas are welcome. Buying a Cletis Franchise might help.

Theriot

How much would that cost and could write it off?

Awg-Dawg

$20 sponsor.

$50 for the guy to cut the rope.

__________________
I'm just hoping to not end up on Electricmanscotts signature line.

B W E

If you push him off I'll match you dollar for dollar (push him off in a nice way of course, when he's looking, and ready)

__________________
Amazing love, how can it be, that you, my King, would die for me?

mcclary's electrical

priceless!

wolf56

Ever work the numbers?
If you make $1000, then pay it all to the bank as interest, you now have $0, but you get to deduct it from your tax (WOW). So you do not pay tax on that 1k, rightfully so because the only money made was by the bank. So you gained nothing, except you had to earn that 1k.

If you make $1000, put in the bank, make a little interest, you now have more money. However you will pay taxes on that. If you get hit for as much as 40%, you are left with $600 plus the small interest from the CD. Now you are $600 ahead on that same 1k you earned.

So how is it EVER good for taxes to finance anything?
RW

Theriot

Willing to do what is right and pay full price but can I write it off as charity?

garfield

Say you are in a 30% bracket.

You spend 10,000 so it saves you 3000 in taxes and you now have a truck for 7000. Would you pay 7000 for a truck you don't need? If yes then buy it. If no then put the 7000 in the bank. My accountant says run your business to make a profit first then do the math on the deductions and see if it works.

HARRY304E

Do not go into debt just because your CPA says to ,seriously it is time for a new CPA.

Look into other ways to put your money away and save it .

This is one of the reasons trucks cost so much because they want you to spend all your money on tax shelters what happens when you get stiffed on a job big enough to bankrupt you, You will not have the cash on hand to save your ass taking this type of advice.

__________________

ES2 Flat Rate , The best $99 I've ever spent ..

Theriot

That's what I'm asking why I'm asking for ideas. I don't think I need new trucks but looking for deductions.