Creative tax planning?

[skegpro]

Debt can be your friend.

Don't follow?
Cash is king

 

[lilduke]

Don't follow?
Cash is king

I'm not giving out tax advice here. but you don't pay tax on debt. many stategies a person can use to avoid paying tax.
cash is trash.

 

[Cyle]

The real question is how do we buy sleds with pretax dollars lol.

Easy! Surveyors, etc buy them all the time. You just need to be in the right business. Or buy used and have a second bill of sale stating it's for something practical for the company.

 

[Cyle]

I'm not giving out tax advice here. but you don't pay tax on debt. many stategies a person can use to avoid paying tax.
cash is trash.

WTF? You are still much better off to pay cash. Too much debt is the reason a lot of companies go down. When you buy most things like vehicles you can only write off certain portion per year anyway, unless the debt is structured as a lease. So except for the interest, the write off will be exactly the same. You can always loan the company the money and charge it interest, and that way not paying to make a bank richer.

 

[lilduke]

WTF? You are still much better off to pay cash. Too much debt is the reason a lot of companies go down. When you buy most things like vehicles you can only write off certain portion per year anyway, unless the debt is structured as a lease. So except for the interest, the write off will be exactly the same. You can always loan the company the money and charge it interest, and that way not paying to make a bank richer.

Yeah you are right. Debt is stupid, not sure why any company would want it...lol

 

[lilduke]

You'd save 6000$ in income taxes my way. But starting a surveying company with no customers and only asset is a 2021 Alpha could work too though

 

[Cyle]

You'd save 6000$ in income taxes my way. But starting a surveying company with no customers and only asset is a 2021 Alpha could work too though

How would you save $6k in taxes?

 

[lilduke]

How would you save $6k in taxes?

by not paying yourself the 20g for the sled. hard to claim a mountain sled as a business expense. we've tried....

 

[Cyle]

by not paying yourself the 20g for the sled. hard to claim a mountain sled as a business expense. we've tried....

I’m still not getting how you buy the sled and avoid the taxes by financing it?

 

[lilduke]

I’m still not getting how you buy the sled and avoid the taxes by financing it?

If i have to explain this for you step by step its going to start costing $ Just keep paying your taxes.

 

[X-it]

Yes a limited company - many advantages

For sure, people should be heeding your pointers tejay.

 

[X-it]

As much as taking your money and throwing it in a sock is a great idea, the inflation that Dan was talking about is something to consider. Gold is we’re it’s at. There is only so much of it and when the word WAR gets thrown around it only goes up.

Any accountant is going to try and get you to play on the safe side. No one wants to be audited. I guess it depends on your business. Tonnes of field operators are also farmers. There is a reason for this. Or maybe the farmer is also a feud operator. I use this example because up here that seems to be pretty common.

Start a foundation or a religion.

All the true harden tax thieves do own a foundation

 

[gdhillon]

Absolutely let the company pay the taxes and take as much in dividends as your accountant is comfortable with. Why pay personal rates when corporate is way less[/QUOTE

Are you talking a limited Company?

You seem very knowledgeable with this topic

We should do beers one day I’d like to pick your brain a bit

 

[Bnorth]

It's just been brought to my attention that dunlops make great sled boots. So buy those through your business and thank me later :d:d:d

 

[FernieHawk]

It's just been brought to my attention that dunlops make great sled boots. So buy those through your business and thank me later :d:d:d

Yes they do make great sled boots...and now that I know about the Bama socks (thanks to this forum) they work even better...sock are dry as can be.