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Re: The tax man is here
[Re: Cynical]
#3654166
04/17/22 04:44 PM
04/17/22 04:44 PM
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Joined: Mar 2020
Posts: 7,514
Free State of Winston
FreeStateHunter
OP
They Call Me Gator đ
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OP
They Call Me Gator đ
Joined: Mar 2020
Posts: 7,514
Free State of Winston
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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 itâs the same amount of money out of my pocket but I have assets to show for it. It doesnât work like that. The only thing you âsaveâ is the tax you would pay on the income used to purchase the asset. You still paid for the asset. Not to mention, you canât âwrite offâ land like you depreciate equipment. Your CPA can help you maximize equipment purchases with decisions on accelerating depreciation, but realize youâre not going to have a magic pill to not pay tax and keep the money in your pocket. No I realize the money will be gone either way but doing it this way I at least have equipment to show for it and you can do real estate if itâs used for the business.
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