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Old 12-21-2019, 08:06 PM
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Wasn't sure to post this here or in the financial forum.

I need write offs and have a few ideas on some equipment and what not.

This is the first time since bush jr that my accountant called and told me to get some write offs before the end of the year.

The economy is flipping booming. It's awesome to have enough work again.
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Old 12-21-2019, 09:36 PM
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How about a hint as to what you do?
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Old 12-21-2019, 10:18 PM
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How about a short-term adviser?

Let me know how much you need to write off and I'll tell you how much my fee is for the rest of the year :-)
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Old 12-22-2019, 04:27 AM
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Charitable contributions/donations
Professional books/publications/subscriptions/memberships
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Old 12-22-2019, 06:18 AM
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I'm a plumbing and heating contractor. Much of our work isn't new homes, it's retrofits and upgrades. I'm in a rural area, a town of 500.
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Old 12-22-2019, 06:24 AM
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New truck, tractor with loader and fork lift forks. RV/camper - mobile office space. Big thing have you maxed out 401k/retirement contributions? -K
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Old 12-22-2019, 06:27 AM
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You don't get write-offs unless you spend the money first. The accountant is the person who allegedly knows your business and should have advised you how to spend the money to maximize your write-offs. The advantage of a write-off is you get a percentage of the money back.

If you do not need to buy new equipment, then the first thing that comes to mind is charitable donations. Company vehicles are another. Both have been mentioned.
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Old 12-22-2019, 06:30 AM
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Have school aged kids? Set up a scholarship for them.
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Old 12-22-2019, 06:33 AM
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The retirement is something that I need to do. After 2008, business was so bad that the retirement I had was cannibalized in order to keep the business going. 20 thousand at a time until it was gone. I had resigned myself to fact that I was going to work until I died or was incapacitated. Didn't think there would ever be profit again. How long it is going to last is to be seen.
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Old 12-22-2019, 06:36 AM
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Four of my kids went to college, they done it on their own with a little help from me. wish I could have helped more. My kids are all grown. Out of four I have a orthopedic surgeon and a CPA. The other two are still working their way through college. They're working on business degrees.
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Old 12-22-2019, 06:38 AM
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Quote:
Originally Posted by randyt View Post
Four of my kids went to college, they done it on their own with a little help from me. wish I could have helped more. My kids are all grown. Out of four I have a orthopedic surgeon and a CPA. The other two are still working their way through college. They're working on business degrees.
It sounds like you did a good job raising your kids.
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Old 12-22-2019, 06:45 AM
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I feel really and I mean really lucky about my kids. They have never cause me or their mother much trouble. A bit of normal kid crap. My oldest I didn't get to raise and he hasn't done as well. However out of his family of four siblings he is the only one that owns a house and he is he youngest of the four. His three siblings are not my children. He's done well under the circumstances.

I thought this all may seem a little confusing. I have five kids, the oldest from a different mother, the other four from my wife and I.
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Old 12-22-2019, 09:22 AM
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No brainer is a retirement plan.

Small town is tough to support big investments unless your willing to travel out of it.
Investment property/shop/warehouse for storage and parking (could also rent out some, to another contractor).
Enclosed trailer

Best investment return on investment, could be your own family, not sure how write offs work in that situation.
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Old 12-22-2019, 11:17 AM
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Contribute to Judicial Watch, or the second amendment foundation etc. Write it off.
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Old 12-22-2019, 11:32 AM
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Conservation easements
Example, put in $50k and take $200k off your income
$100k gets $400k off your income
Really effective
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Old 12-22-2019, 12:29 PM
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Tools, truck(s) and maintenance on them, supplies, education, cell phone(s) + cell plan, computer(s), printer/scanner, max out retirement, home office/office, charity, etc.
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Old 12-22-2019, 01:07 PM
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Write-offs and deductions are different scenarios. Deductions only save you a percentage. Write-offs reduce your taxable income, the only write-off I ever had was for a heat-pump I needed. It takes some clever planning to benefit from write-offs.
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Old 12-22-2019, 04:34 PM
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Invest your time in accounting for every 2019 medical or business related expense. Scour your credit card and checking account records. Look at every receipt you have. Did you have any uncollected debt?

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Old 12-22-2019, 09:37 PM
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Quote:
Originally Posted by randyt View Post
The retirement is something that I need to do. After 2008, business was so bad that the retirement I had was cannibalized in order to keep the business going. 20 thousand at a time until it was gone. I had resigned myself to fact that I was going to work until I died or was incapacitated. Didn't think there would ever be profit again. How long it is going to last is to be seen.
look at a SEP IRA, you can put in 25% of your income or 57K tax deductible.
Pay property taxes before the end of the year
pay mortgage payments before the end of the year
delay collecting receivables until after the beginning of the year
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Old 12-23-2019, 06:09 AM
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Quote:
Originally Posted by randyt View Post
The retirement is something that I need to do.
Well, then do it.
Opening a Roth at Fidelity is easy.
Put it all in an index fund till you decide what you want to invest in.
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