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Started By
Message
re: End of the year tax situation
Posted on 12/4/24 at 3:34 pm to Weagle25
Posted on 12/4/24 at 3:34 pm to Weagle25
quote:that’s exactly what I said
Now if you already need to purchase something, yeah go ahead and spend it this year to get the deduction.
if you are going to spend it anyway, find a way to expense the business for it. It is the only real way to reduce company taxable income
1
Posted on 12/4/24 at 3:44 pm to cgrand
Not exactly what you said. And you’re responding to a guy who’s going to buy a new vehicle just to lower his tax liability so that’s not what he’s doing.
You tell him what you told him and they hear “go buy that vehicle”
You tell him what you told him and they hear “go buy that vehicle”
Posted on 12/4/24 at 3:51 pm to Weagle25
Weagle, what about my situation? Is the best option to cover my wife's tax burden to contribute to an IRA to offset the tax?
Posted on 12/4/24 at 4:27 pm to oysterpapi
I don’t know nearly enough about your situation to tell you what the best option is.
Posted on 12/4/24 at 4:51 pm to BayouBengal23
quote:This is always the wrong answer, get a decent CPA to give you some advice, and dont put the money in a Roth, as it wont help your tax situation this year.
Just pay the tax bill and keep rolling?
quote:I would not hesitate, but again, it will impact your deductions next year.
Should I sell it and buy a vehicle for the “company” to offset taxes?
Posted on 12/4/24 at 8:45 pm to BayouBengal23
Pro tip to any business owner: Stop buying non-revenue producing things for $70,000 just to save $8,000 in taxes.
You’re welcome.
You’re welcome.
Posted on 12/5/24 at 7:57 am to slackster
Thank you all for the tips! A lot to digest here!
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