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Listen to an accountant, not the tool truck rep for Tax savings


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At the end of each year, it's typical of tool reps and salespeople to give you tax advise. Often they will tell you that buying tools and equipment can be used as a way to lower income taxes. While this may be true, no one has a better handle on your financial situation that a good tax accountant.  Listen to the expert, not the tool truck rep.  Spending money to save on taxes also reduces your cash flow.  I am not an accountant, but sometimes its better to pay a little extra in taxes and maintain a cash reserve. 

Your thoughts?  

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I hope others learn to look forward to paying taxes before they spend an entire career wishing they had enough profits to worry about having to pay taxes. How many times have i heard "it's a write off". Most of those times I had no need for any more "write off's"

"Cash reserve", what an incredible feeling. "75% of profits in the bank", Good.  25% to Uncle Sam, well that's good too. Pretty cheap for everything we have to be thankful for.

None of it is possible without profit.

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Interesting post. My account told me something once that has always stuck with me. He said “in a way paying taxes is a blessing”. When I looked at him funny he laughed, and said this “if you’re not paying in a pile of money at the end of the year, it means one of two things. Either you’ve had a terrible year, or you are cooking the books”. That gave me new perspective on the way I think about taxes.


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On ‎1‎/‎3‎/‎2019 at 9:02 PM, autorepairuniversity said:

Interesting post. My account told me something once that has always stuck with me. He said “in a way paying taxes is a blessing”. When I looked at him funny he laughed, and said this “if you’re not paying in a pile of money at the end of the year, it means one of two things. Either you’ve had a terrible year, or you are cooking the books”. That gave me new perspective on the way I think about taxes.


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Your accountant is dead on! I have been in business for 39 years. I have to be honest, I hated the years I had to pay a lot of taxes, until I realized they were my best and most profitable years! 

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