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Re: "But it's a tax writeoff ..." [Re: Uncle Zeek] #12891510 09/08/18 01:05 PM
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I think a lot of people say that when they make an affluent purchase to try to justify it to themselves, and at the same time they think it makes them sound really wealthy to others. I have people suggest I buy an item, for an example, a new bad azz side by side UTV made for racing, and when I tell them I have no use for it they replied "well write it off, that's what I did". Totally clueless.

Re: "But it's a tax writeoff ..." [Re: patriot07] #12891524 09/08/18 01:28 PM
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Originally Posted By: patriot07
Fact is that there are lots of people out there who aren't very intelligent.


Yes, and they have never filed their own tax forms.


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Re: "But it's a tax writeoff ..." [Re: Uncle Zeek] #12891538 09/08/18 01:49 PM
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You guys are beating me down. I feel the need to sell the bosses shiny new 2018 Ram now.


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Re: "But it's a tax writeoff ..." [Re: mpowell] #12891639 09/08/18 03:26 PM
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Originally Posted By: mpowell
My dad, who had a self-admitted limited education, used to say, "I've never understood why someone would spend a dollar to save 20 cents."

I believe most females use that reasoning to spend money they don't have.

Re: "But it's a tax writeoff ..." [Re: Uncle Zeek] #12891640 09/08/18 03:27 PM
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If you hear your lawyer, CPA or tax advisor recommend you to make purchase for the tax benefit, you should fire them immediately.

There is one time and one time only that a person should consider a purchase solely for the tax benefit. That is if you have idle cash in the bank and use it to purchase land.


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Re: "But it's a tax writeoff ..." [Re: Uncle Zeek] #12891661 09/08/18 03:50 PM
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Couldnt agree more Zeek. As a business owner I hear it all the time.
Idiot, I dont want to spend $10K just to get a tax write off. Its still spending $10K.


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Re: "But it's a tax writeoff ..." [Re: Uncle Zeek] #12891751 09/08/18 05:25 PM
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It's the man's version of shopping and buying because it's on sale. My FIL 's motto "you wont go broke paying taxes, unless you dont pay them."

Re: "But it's a tax writeoff ..." [Re: joebass2] #12891754 09/08/18 05:27 PM
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Originally Posted By: joebass2
I believe some people actually think a write off is a tax credit, ie, spend $100, get $100 off your income tax.


Are you saying it isnt?

Re: "But it's a tax writeoff ..." [Re: Bob Davis] #12891757 09/08/18 05:30 PM
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Originally Posted By: Bob Davis
Originally Posted By: patriot07
Fact is that there are lots of people out there who aren't very intelligent.


Yes, and they have never filed their own tax forms.


I am proof this theory is flawed. I have always filed my own tax forms,

Re: "But it's a tax writeoff ..." [Re: VIP Fishing] #12891768 09/08/18 05:42 PM
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Originally Posted By: VIP Fishing
I dont want to spend $10K just to get a tax write off. Its still spending $10K.


Yep.

#1 Is the $10K a necessary business expense?

#2 Will spending the $10K help me earn MORE than the $10K I just spent?

#3 How can I structure the spending to get the maximum tax benefit?

I'm all for borrowing money at a competitive rate for business property, real estate, etc, if doing so will generate a better after-tax return on investment.


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Re: "But it's a tax writeoff ..." [Re: fmrmbmlm] #12891823 09/08/18 06:45 PM
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Originally Posted By: fmrmbmlm
Originally Posted By: mpowell
My dad, who had a self-admitted limited education, used to say, "I've never understood why someone would spend a dollar to save 20 cents."

I believe most females use that reasoning to spend money they don't have.


Or some dude spending over $75K on a bass boat...


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