Show off your platinums
03-20-2011, 12:15 AM
#61
03-20-2011, 06:21 AM
#62
Here is a nice example.
A: I bought a 97 F450 flatbed last year for $4000.00 I will of course write that off and save $960 on taxes.
B: I could have bought a 2010 F450 for 40k and saved $9600 in taxes.
Which truck left more money in my business a years in end?
A: $4000 - $960 = $3040.00 (cost me after taxes)
B: $40,000.0 - $9,600.00 = $30,400.00 (cost me after taxes)
I sell said truck in 5 years which was a better deal
A: Cost was $3040 and can sell for at least $3,000.00 = got my money back
B: Cost was $30,400 and can sell for $15,000 = I lost about 15k
Its a bonus for being in business but you have still spent 50k and only saved 14k in taxes. There for you spent 36k just for the pleasure of saving 14k. Now if you need a truck its an awesome deal. But if you just buying to save on taxes it dumb.
What if you saved the 36k after tax money and earned interest on it. In about 6-7 years you would have $50k back in the bank. That F150 truck will only be worth 10k in 6-7 years.
Last edited by deepwater; 03-20-2011 at 06:59 AM.
03-20-2011, 12:35 PM
#63
RGVblackPlatinum
Thread Starter
Originally Posted by DeereGeff
I have the stock lights on my truck with a few mods. The heads and fogs are filled with HID bulbs and I custom tinted the rears with Niteshades.
03-20-2011, 02:03 PM
#64
Originally Posted by deepwater
Employees are a direct write off. So do you hire ten more just to spend more company money to save on taxes?
Here is a nice example.
A: I bought a 97 F450 flatbed last year for $4000.00 I will of course write that off and save $960 on taxes.
B: I could have bought a 2010 F450 for 40k and saved $9600 in taxes.
Which truck left more money in my business a years in end?
A: $4000 - $960 = $3040.00 (cost me after taxes)
B: $40,000.0 - $9,600.00 = $30,400.00 (cost me after taxes)
I sell said truck in 5 years which was a better deal
A: Cost was $3040 and can sell for at least $3,000.00 = got my money back
B: Cost was $30,400 and can sell for $15,000 = I lost about 15k
Its a bonus for being in business but you have still spent 50k and only saved 14k in taxes. There for you spent 36k just for the pleasure of saving 14k. Now if you need a truck its an awesome deal. But if you just buying to save on taxes it dumb.
What if you saved the 36k after tax money and earned interest on it. In about 6-7 years you would have $50k back in the bank. That F150 truck will only be worth 10k in 6-7 years.
03-20-2011, 02:34 PM
#65
Nope. Just simple good old fashion math. Plus the fact I have a CPA that comes to my business twice a week and I have BA and Business and Marketing.
If you want to deduct 100% of your money then you have to spend 100% of your money which leaves you with ZERO profit or income.
I rather my business make 100k and have zero expenses and pay 20k in taxes which leaves me with 80k in my pocket. No debt.
If you want to deduct 100% of your money then you have to spend 100% of your money which leaves you with ZERO profit or income.
I rather my business make 100k and have zero expenses and pay 20k in taxes which leaves me with 80k in my pocket. No debt.
03-20-2011, 02:40 PM
#66
If you don't understand the whole concept then there is no use arguing with you. I'll deprecate my truck and get a new one every 3 years and save on taxes. Let's get back on topic and look at some trucks
03-20-2011, 04:47 PM
#67
Senior Member
03-20-2011, 06:16 PM
#68
RGVblackPlatinum
Thread Starter
Originally Posted by faster_than_u
I could not agree more. We arnt on this forum for money management/business lessons.
03-20-2011, 06:30 PM
#70
RGVblackPlatinum
Thread Starter
Originally Posted by drew3287
RGV, your truck looks great! Do you have any rubbing issues with the 35" Toyos and just the 2.5" level? Did you have to trim?