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Veteran Advisor

Re: That is a tax planning/structuring/control problem,.........

The problem being they continue to leverage themselves into a corner and they aren't really gaining anything except buying and postponing the tax man----now so many people are in a position of the equipment won't pay off the note---this always happens and the economy then slows like housing etc.

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Contributor

Re: That is a tax planning/structuring/control problem,.........

And.........the result is that they continue to do that which they did before, expecting a different outcome???

 

My point was--------people focus on one or two items with respect to income taxes, or as totally a compliance issue, and do not treat taxes like another dept or enterprise, with the result being they continue to have to dance to the current tax problem.........

 

A decent tax person should be able to establish a structure that allows them to treat taxes as another major expense, fitting them into a structure that enhances the use of other tax "gymnastics", thereby limiting the overall taxes anyway, so that the taxpayer does not have to depend on the buy/not buy decisions in December all the time.

 

And, frankly, if the taxpayer does not want to engage in that kind of long term tax planning/structuring-----let 'em pay the consequences.

 

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Veteran Advisor

Re: That is a tax planning/structuring/control problem,.........

I keep saying this to my friends when they bring up the tax cuts are to expensive argument. Goverment is neither a charity or a business. it is purely a cost of living. They are here to protect us from harm both inside and outside our borders. That may be physical or property damage. This is purely a cost. So when we look to goverment and say this is costing goverment we treat it like a business which it is not. and when we look to goverment to supply us with our needs be it health care or retirement or farming safety nets we treat it like a charity which it is not. So treat it like an expense do your best tax planning to lower your expense and at the same time don't bend over a dollar to save your dime ie borrowing to get out of an upside down depreciated combine! JR

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