Need to spend more

hookers and blow.....have fun with it :jester:

Need a tugger or hydraulic bender?

GEORGE D said:

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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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.

....company trip to the Bahamas to survey business prospects, via cruise ship?

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.

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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.

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.

greenlee 854

mdfriday said:

greenlee 854

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Haha yeah 5 grand would be a decent down payment on one

GEORGE D said:

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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Talk to "Uncle Charlie".. he says work more cash jobs and fund a shoe box.. :thumbup:

I just got a welder/generator at that price but it will be depreciated rather than expensed.

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.

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

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.

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.

Get a different cpa?

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.

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)