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Year end tax shelter.

478 Views 0 Replies 1 Participant Last post by  Lee T
Hey everyone dont forget that Bonus depreciation is still in effect this year. Any qualifying vehicles, machinery or equipment can be written off 100% this year. If you make a million and spend a million , you owe nothing. All bonus depreciation lowers you business income by the amount of the expenditure regardless of if you finance it. My equipment salesman loves me this time of year. I start thinking about paying Uncle Sam 37% and plus medicare which puts it up to almost 39% . There are a lot of purchases that make sense with a 40% discount. I am still trying to figure out how to write off the Lambos and not get audited. Maybe starting a lambo salvage business would do it. Good luck everyone. Give some of the extra money you save to someone in real need. Might change their life. Lee