South West MN | Jackrabbit - 2/16/2019 16:41
I would hope everyone would agree that deferring income is a smart move.
In theory, the only income you should show is:
1) Family living expense
2) Land payments - down payments and principal
3) Other principal payments - this is the big one that get people in trouble. Very costly and mostly unnecessary.
Once the above are met then:
Assuming you are a growing business the first step is :
Grow your business
then defer income
then prepay expense
then find profitable pretax ROI opportunities
Obviously a mature business would lose the growth option but still have the other 3 available.
Note: no where does buying new paint have anything to do with anything tax related
I want to put $400,000 down on the next quarter I buy. Deferring income isn’t going to accomplish that. Fill the brackets with what you make on an average year.
Trying to take out $400,000 post tax dollars in one year plus $60,000 for living will put you into to high ov a tax bracket.
My 2 cents. |
Do you pay income taxes?
