Taxes

Discussion in 'Business Operations' started by GSPHUNTER, Nov 3, 2008.

  1. GSPHUNTER

    GSPHUNTER LawnSite Senior Member
    Posts: 306

    Hey guys, with the approach of the end of the year comes the dreaded tax season, and I'm trying to figure out how to keep Uncle Sam's hand out of my pocket as much as possible.

    I've made a nice chunk of change this year and had only a few good write offs. I could buy a new mower or dump trailer, but really don't need to. Does anyone know if i could buy vacant ground and write it off as shop/storage space? I'm going to call my tax guy, but just wanted to see if any of you had any experience with this.
     
  2. RickR1818

    RickR1818 LawnSite Senior Member
    Posts: 342

    Put it into a tax free or deferred retirement account! Also, now is the time to invest with the market being so low although commercial real estate or land would also be a great investment. Dont put money into equipment you dont need! Put that money in something that will work for you and give you a nest egg.
     
  3. brandtb1

    brandtb1 LawnSite Member
    Posts: 153

    Find a good CPA in your area. I would think that you could only depreciate it so much in year 1. If the land is a good investment, buy it, but I would also make sure that you max out your IRA.
     
  4. nnickles66

    nnickles66 LawnSite Member
    Posts: 1

    I'd surly do what I could to keep as much of my earning in my own pocket as I could. Property. Invest in property. Things are low right now, but you know how it goes. What goes down in real estate, must go up.
    Cheers
     

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