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According to my CPA it would be beneficial to spend some money on equipment to lower my taxable income. I'm thinking of blowing around $5-6,000 on whatev...any suggestions? What would you by that could be tax deductable?
 

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According to my CPA it would be beneficial to spend some money on equipment to lower my taxable income. I'm thinking of blowing around $5-6,000 on whatev...any suggestions? What would you by that could be tax deductable?
Make a list of tools you need and prioritize which ones you need more. Another option would be to put the money into your retirement account. Check with your CPA to make the right determination.
 

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Discussion Starter #6
Chris1971 said:
Make a list of tools you need and prioritize which ones you need more. Another option would be to put the money into your retirement account. Check with your CPA to make the right determination.
Yeah, the retirement option went through my mind as well. I guess I should give him another call before I spend like I've been diagnosed with terminal illness.
 

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find a convention or some training in las vegas, hawaii, or italy. buy tickets for work related stuff prior to leaving. keep all your receipts. go there.
 
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According to my CPA it would be beneficial to spend some money on equipment to lower my taxable income. I'm thinking of blowing around $5-6,000 on whatev...any suggestions? What would you by that could be tax deductable?
Talk to "Uncle Charlie".. he says work more cash jobs and fund a shoe box.. :thumbup:
 

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Conservitum Americum
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I understand your plight. My uncle was a farmer. He had depreciated his old Minnie Moline U tractor down to nothing and couldn't use it to farm anymore. He had to buy a newer tractor for tax purposes.

I personally would invest in something that made me money like a copper wire stripper.


ilikestrippers


http://copper-stripper.com/

They even make the ones that cut the copper wire into chunks.

http://www.alibaba.com/product-gs/550473514/Recycling_waste_copper_wire_chopper.html

They can't spell worth a ch!t.
 
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Get a Tasco circuit mapper. Easy 1400$ and will make your tracing panels a lot easier.
Get an underground tracer.
Get a infrared camera with training.
Get a real fancy fluke meter.
These are fairly small physically and are very nice to own.
 

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Buy a brand new Chevy Express Van? Got mine today.
 

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Ya know, there really isn't anything wrong with paying the taxes and having some spending money. If you don't have 6 months to a year of living expenses in a readily available account, I would recommend thinking about this.
 

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I all depends onn the type of work you do.
Mine would be something like this
used scissors lift
used smart bender
little walk behind trencher
kick aas computor
maybe another maxus puller
locator
something like that.
 

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Get a different cpa?
 
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A contractor near me has had a real good run for the last 5-7 years despite the turn down. He likes to brag about the bucket trucks, backhoe, dump truck, ride on trencher and the trailers to haul them on. Only problem is that crap sits on his yard not making him a dime. It is sitting there costing him money in maintenance and insurance just to use once every 2 months. I ask him if he ever figured up what he would have in a retirement account instead of the equipment. He didn't want to talk about it.
 

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So how much more taxes would you have to pay? Seems silly to spend $5-6,000 to save $2-3,000 (if thats what it is)
 
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