Last minute tax planning!

Discussion in 'Heavy Equipment & Pavement' started by Construct'O, Dec 31, 2009.

  1. Construct'O

    Construct'O LawnSite Bronze Member
    from Sw Iowa
    Messages: 1,387

    Let's hear some of your last minute tax palnning storys for 2009.

    I know Stu and Ron was on top of things a month ahead of all the rest of us,so everyone give them a hand :clapping:

    For me i started with the buying of Alberta(trencher) had a plan,but changed.Took three week to get it out of Canada(thanks to GR:laugh: )Then took a month longer to get it ready to use,just in time before the blizzard and subzero temps!

    Couldn't sell machines until got the other machine ready,because of work load.So had to want to the last minute to get the sale of my other machines go(every try selling machine in a blizzard;).Not always how good you are at planning,it's how lucky you get sometimes.Plus some people are looking for a tax write before the end of the year:cool2:,sure doesn't hurt a thing!

    The machines actually sold there selfs just getting buyers here to look at them on short notice.Anyway it's a done deal(two machine sold with in about a weeks time,and almost last day of the year:dancing:.

    So been crunching the numbers,talking to my banker,and accountant,with the what ifs?It all boiled down if the last machine sold,too see where the numbers came in.Every hear that song "Sleepless day,sleepless night"

    With that said today it was spent digging up expense that could be deductable( that's the cacth) not everything under the sky can be deductable like Ron(Tak) and Stu(S3) did!!!!:laugh:

    So i came up with repairs that was on payment plan(which now will be pay in this year not next).Inerest on notes(some deal next year),pay last minute tile bill,pickup more tile for next year jobs and pay for it now 2009.Bought a tile stringer trailer also_One stop shopping thing.No not Walmart:hammerhead:

    Just trying to dig up anything and everything,want to get it all on this year.Got most of my accounts collected(been on the road(last three days) doing that in between seeing the banker,accountant, selliing machine,loading machine,paperwork that was pushed back too the last minute as usual.

    There's more too the bus then just running equipment when it comes this time of the year.Post a few of your tax planning discussion,so i can have a look see. Happy 2010 !!!!!!!!!!!!:usflag:
  2. AWJ Services

    AWJ Services LawnSite Platinum Member
    from Ga
    Messages: 4,281

    One thing I do is try to expense as much stuff as possible through the buisness. Even personal stuff if legal. It may not help short term but over the year it add's. It ends up being a pretax income and that in itself gains 20+% value on your money.

Share This Page