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How To Spend My Money?

 
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Old 08-22-2019, 07:36 AM   #21
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Re: How To Spend My Money?


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Originally Posted by Seven-Delta-FortyOne View Post
There's always a yacht off the coast of San Marino, a bunch of strippers, and a Kilo of blow, if you can't come up with anything else.
That gets my vote. When you’re making that kind of money you have to have some fun. The Trump economy won’t last forever.
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Old 08-22-2019, 10:18 AM   #22
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Re: How To Spend My Money?


My philosophy always was; keep 1/3 for yourself, invest 1/3 in the business and give 1/3 to the employees. Some ideas:

Take a hard look at your benefit programs and consider things like; setting up a 401k plan, employee health insurance, paid holidays and vacations, uniforms, etc.

Pre-purchase consumable things you know you are always going to need; office supplies, supplies, bits, blades, fasteners, safety supplies, etc.

Might be timely to invest a little into marketing and advertising; truck graphics, job signs, business cards, website, etc.

It's also, never a bad idea to have excess cash on hand for when times get hard or when you have a slow paying customer.
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Old 08-22-2019, 10:55 AM   #23
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Re: How To Spend My Money?


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Originally Posted by Golden view View Post
I've seen way too many guys buy equipment they barely use to avoid a big tax bill. A buddy bought an excavator and a skid steer. He puts 100 hours a year on them.
Yea, but...

At least he now has an excavator and skid-steer, instead of the government having his money to finance some wingbat chopping his whacker off, or some other asinine thing they'd find to do with it.
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Old 08-22-2019, 12:13 PM   #24
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Re: How To Spend My Money?


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Originally Posted by hdavis View Post
What, you take no deductions?
You can't read? I said if it shows up as profit or income

This is what keeps accountants in business...most Americans don't understand how to fill out tax forms. Only recently has it been simplified.

Look at the tables. Line 43 this is income after deductions if line 43 is at least $5 but less than $ 15 you owe $1 tax

Proceeding further if you have "tax credits" then the $1 disappears. If you do not you owe uncle sam $1
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Old 08-22-2019, 05:15 PM   #25
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Re: How To Spend My Money?


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Originally Posted by Irishslave View Post
You can't read? I said if it shows up as profit or income

This is what keeps accountants in business...most Americans don't understand how to fill out tax forms. Only recently has it been simplified.

Look at the tables. Line 43 this is income after deductions if line 43 is at least $5 but less than $ 15 you owe $1 tax

Proceeding further if you have "tax credits" then the $1 disappears. If you do not you owe uncle sam $1
Calm down there. We just missed what you were saying. Most of us don't care what the IRS calls income. We call a dollar earned income. So we missed the point you were making.

My point remains the same. My first $10,000 isn't taxed.

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