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Veteran Advisor

Re: Self defeating tax avoiders

I think most of the time it is like your wife going shopping comes home telling you how much money she saved and you ask how it cost to save all that money.  Big items bought in late December are almost always something you want rather than what you need and it is to get a tax writeoff.

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Senior Contributor

Re: Self defeating tax avoiders

Shaggy! I've been on this board since before Don started posting.

 

If not done his way, you will be deminished

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Senior Advisor

Re: Self defeating tax avoiders

I understand steel, I bet he was that kid on the playground that all the rest of the kids threw dirt clods at!  LOL

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Senior Advisor

Yes that is it

I am terribly jealous of those that might replace me. That they may have shiney new equipment with guidance systems and all those other technological wizardy.

 

I would like to admire you but I don't know who you are or where you are.

 

Dislike me all you want and take umbrage at what I say but read MR. Idalivered"s post and you just might learn something. He is far less polarizing but he indeed "gets" it. After tax cash gives you the freedom to exercise many options from controling your own business and making decisions based on merit instead of compulsive spending.

 

Like the fellow in our neighbor hood with 700 acres and a 500 hp track tractor that is convinced it was something he needed.

 

Sincerely Cain!

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Senior Advisor

Re: Self defeating tax avoiders

No they threw clods at me. They spent some time in the class room as well as the playground. lol!

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Veteran Advisor

Re: Self defeating tax avoiders

My dad used to say the same thing.  You either have to pay a certain amount of taxes, unless you make no money, or cheat, and get away with it.

However, he also told me, to try and best utilize the lower bracket(s) as much as you can, in your tax planning.  For example, if you are poor like me, making $3K more or less, will probably only affect my tax burdeon a couple hundred dollars.  However, if more income bumps you up into the top bracket (which I don't worry about, but can at least dream of, LOL) that same $3k, might cost you $1K in taxes, or more.  If that is the case, depending on your situation, prepaying a bit of inputs, on a high income year, may make sense.  On the other hand, if you are spending $20K, to trade in for a new pickup, when your old one is just fine, with the only reason being to save $5K in taxes, you just cost yourself $15K in after tax money.  You just need to weigh both sides, to see what is best for you.

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Senior Advisor

Re: Self defeating tax avoiders

Kraft, I am done cat fighting with you.  We are just going to have to agree to disagree.  I just returned home from a second visit with my CPA, and he advises me to........  I'm not telling.  I respect you as a contributor, but sometimes I believe you can be unappreciative of another's thoughts and perspectives.  That being said, lets close this topic.

 

Thanks for the spelling lesson, I have corrected my previous post.

 

RED or GREEN, huh. One is the color of money, the other reminds me of Santa.

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Senior Advisor

I know what your CPA told you

AVOID the taxes! That is what you hired him for to show you how to avoid taxes. That is his profession. However, you need not take his advice. You can choose to tell him you are a patriot and want to support your country.

 

BTW I am not the spelling police. I am hardly qualified for that job. 

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Senior Advisor

Re: I know what your CPA told you

You are wrong Kraft, my CPA advised me against spending a lump of cash this fall.  I decided to make improvements to some existing equipment that will improve my efficiency.  Yes I will be taking advantage of tax breaks, but I believe that hardly places me in the tax avoider column.

 

Don't even turn this into a character stereotype, absolutely no reason for you to question or judge my character.

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Senior Advisor

You are the one with the definition problem

From some reason you view tax avoidance as a negative action. Everyone avoids taxes to a certain point. In fact government must expect you to or they wouldn't give us so many opportunities to do so.

 

Tac avoidance is not tax evasion or even comparable. One is againts the law and the other is not.

 

I didn't judge your character. You just assumed I did.