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Re: The tax man is here
[Re: FreeStateHunter]
#3653892
04/17/22 08:07 AM
04/17/22 08:07 AM
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Joined: Nov 2016
Posts: 906
Lower AL
Cynical
6 point
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6 point
Joined: Nov 2016
Posts: 906
Lower AL
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Everyone needs to have some sort of side gig and a good cpa. This is what my accountant is setting up for me. Basically every year I need to buy a piece of equipment or land with my business, write it off as a loss and at the end of the year it’s the same amount of money out of my pocket but I have assets to show for it. It doesn’t work like that. The only thing you “save” is the tax you would pay on the income used to purchase the asset. You still paid for the asset. Not to mention, you can’t “write off” land like you depreciate equipment. Your CPA can help you maximize equipment purchases with decisions on accelerating depreciation, but realize you’re not going to have a magic pill to not pay tax and keep the money in your pocket.
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