Good Ways To Spend Profit $$ Before The End Of Th Year - General Discussion - Contractor Talk

Good Ways To Spend Profit $$ Before The End Of Th Year

 
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Old 12-11-2008, 12:00 AM   #1
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Good Ways To Spend Profit $$ Before The End Of Th Year


We have had a pretty good year and have some extra $$$ in the bank and I'm looking for good ways to spend it without getting taxed heavily, we are already paying ourselves back for officer loans to the company, any Idea's???
vacations-out this year (partner and wife have newborn)
Vehicles- out Just bought a second Van

Ideas???


I know this is a good problem to have and we are very blessed
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Old 12-11-2008, 12:20 AM   #2
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


Ask your accountant.

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Old 12-11-2008, 12:30 AM   #3
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


Send the money to me.





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Old 12-11-2008, 12:39 AM   #4
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


tools.
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Old 12-11-2008, 12:58 AM   #5
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me?

pm me for my address.
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Old 12-11-2008, 01:16 AM   #6
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


Quote:
Originally Posted by nrm2003 View Post
We have had a pretty good year and have some extra $$$ in the bank and I'm looking for good ways to spend it without getting taxed heavily, we are already paying ourselves back for officer loans to the company, any Idea's???
vacations-out this year (partner and wife have newborn)
Vehicles- out Just bought a second Van

Ideas???


I know this is a good problem to have and we are very blessed
The responsible admin in me says to spend some of that money on
  • Computing equipment, whether it's new software, new computers, or upgrades.
  • New electronic equipment such as digital cameras/recorders, new GPS devices, etc.
  • Book flights and pay for tickets to industry trade shows happening in 2009.
  • Mutual funds, CDs, and etc. believe it or not, this is a great time to buy in cheap; consult a financial advisor.
  • Put money in trust fund for kids.
  • Basically anything else that you write off as a business expense against your taxes.
Aside from all that, the heathen in me says to invest that profit in any endeavor that stands a chance of "involving Cops or Nuns if things happen to go sideways".
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Old 12-11-2008, 01:51 AM   #7
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


Stock up on material, next year going to be more expensive and you can write it off.....give me 20G's and ill flip it into 100 Gs for you
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Old 12-11-2008, 01:00 PM   #8
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


If your accounting is cash basis. prepay as many of next years expenses as possible. This includes insurance, taxes, mortgage payments, phone,etc...Also make sure all your estimated tax payments have been made. you can also make mid month credit card payments for bussiness expenses
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Old 12-11-2008, 05:23 PM   #9
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


As mentioned above. We also hold deposits back till after the first so we can drain the account as much as possible.
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Old 12-11-2008, 06:07 PM   #10
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


Quote:
Originally Posted by nrm2003 View Post
We have had a pretty good year and have some extra $$$ in the bank and I'm looking for good ways to spend it without getting taxed heavily, we are already paying ourselves back for officer loans to the company, any Idea's???
vacations-out this year (partner and wife have newborn)
Vehicles- out Just bought a second Van

Ideas???


I know this is a good problem to have and we are very blessed
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Old 12-11-2008, 10:09 PM   #11
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


That last reply was a good one.

I'm not sure of the nature of your business, but you might want to lay in about 10,000 board feet of rough sawn oak.

Maybe you can get into the firewood business and buy some timbered ground. Consider it more of a purchase of standing firewood, not land. If you buy a diamond mine, are you buying a bunch of diamonds waiting to be plucked from the earth, or a piece of ground?
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Old 12-11-2008, 10:57 PM   #12
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


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Old 12-11-2008, 11:32 PM   #13
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


CHARITY, tax deductable.
Send check to my organization, Citizens Against Sexual Harassment.
Plese initalize on check C.A.S.H
thanx
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Old 12-12-2008, 08:26 AM   #14
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


Quote:
Originally Posted by NorthstarNC View Post
Ahhh,invest in drug running
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Old 12-12-2008, 08:33 AM   #15
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


sweet boat copusbuilder! let's go fishing! or will it slow down enough?
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Old 12-12-2008, 09:33 AM   #16
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


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Old 12-12-2008, 07:08 PM   #17
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


Pre-paid advertising?
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Old 12-13-2008, 01:45 AM   #18
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Re: Good Ways To Spend Profit $$ Before The End Of Th Year


Problem solved! were going with the boat.......thanks guys, some good ideas.....

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