Are you implying that the guy who sold me the Brooklyn bridge was not legit?
Divecoz wrote:IMHO Gentleman.. Talk to your CPA.Do It Right... Free Advice off the Internet, is really only worth about that much if your ever held accountable..
Lots of misinformation on the Net about "Tax Laws"... Just one quick one.. You can go back 5 years and make amendments / changes in your favor..
HAHAHAHA !!!They can use an option / loop hole that could allow them to go back to the first filing you ever made , and even before than time.. JSYK
dlandersson wrote:Are you implying that the guy who sold me the Brooklyn bridge was not legit?
Divecoz wrote:IMHO Gentleman.. Talk to your CPA.Do It Right... Free Advice off the Internet, is really only worth about that much if your ever held accountable..
Lots of misinformation on the Net about "Tax Laws"... Just one quick one.. You can go back 5 years and make amendments / changes in your favor..
HAHAHAHA !!!They can use an option / loop hole that could allow them to go back to the first filing you ever made , and even before than time.. JSYK
But...but...he TOLD me the toll fee check was in the mail.
Divecoz wrote:I think you can count that money as gone hahaha
dlandersson wrote:Are you implying that the guy who sold me the Brooklyn bridge was not legit?
Divecoz wrote:IMHO Gentleman.. Talk to your CPA.Do It Right... Free Advice off the Internet, is really only worth about that much if your ever held accountable..
Lots of misinformation on the Net about "Tax Laws"... Just one quick one.. You can go back 5 years and make amendments / changes in your favor..
HAHAHAHA !!!They can use an option / loop hole that could allow them to go back to the first filing you ever made , and even before than time.. JSYK
Divecoz wrote:IMHO Gentleman.. Talk to your CPA.Do It Right... Free Advice off the Internet, is really only worth about that much if your ever held accountable..
Actually, I stopped using an accountant over 20 years ago... I use a tax attorney instead. They can do the same things, but the tax atty is better schooled in the law and when push comes to shove they can represent you in court - the accountant can't. Marginally more expensive, but then you write off their fees anyway!
Spot on Kevin I learned many years ago that if you use a CPA, you may as well just do it yourself; you do 95% of the work anyway. You have to keep the records and organize them. Then you have to fill out the forms for the CPA. Just as easy to put it into a tax program. If you have a legal question, use an attorney.
The reason that I don't believe in financing toys is: I have seen too many people have life changing events occur: Accident, illness, unemployment, divorce, etc. and they have found themselves in a sticky situation without the means to make their payments. Look at the healthiest companies and you will find that they have cash reserves and not debt.
I agree Kevin and Hamin.. My fellow is actually a group .. They work together and that's part of the form we get... we will represent you blablabla.. But Rich none of them perform magic.. You still need accurate records..( Competency is the issue really.... even just a good CPA can save you more than he cost you and often, many times over..) My CPA saved me over $100,000.00 because he keeps up on every word coming out of the IRS.. I owned rentals he knew it I was rehabing...and I fell into a crack meant for Millionaires.. He called me told me long before tax time .. long story.. He saved me what I consider to be a fortune.. This year I and the wife are down to 22 pages from well over 60(?) Once we sell this house and then close out two other issues/businesses, I will hold my accountants for at least a year or two..after, everything simplifies for us.. We hope this is the last year of all the business stuff..Then it gets a Lot More Simplified..
kmclemore wrote:
Divecoz wrote:IMHO Gentleman.. Talk to your CPA.Do It Right... Free Advice off the Internet, is really only worth about that much if your ever held accountable..
Actually, I stopped using an accountant over 20 years ago... I use a tax attorney instead. They can do the same things, but the tax atty is better schooled in the law and when push comes to shove they can represent you in court - the accountant can't. Marginally more expensive, but then you write off their fees anyway!
For me, the decision as to whether to pay cash, lease, or finance depends on a lot of different variables, not a single rule of thumb. While I generally agree that toys should wait until you can afford them (I purchased my motorcycle cash, for example) I financed the boat even though I could have paid cash because the interest rate was 2.5% on a ten-year loan. That's considerably less than I'm going to make on that same money by keeping it in my business. It's also likely to be lower than inflation before those ten years are up.
All financial transactions are highly dependent upon the terms, the total cost, and the opportunity cost of what you could be doing with that money instead. There's a vast difference between the cost of money at various APRs--a lot of people know that, but they don't do the math to see how much. For example, the total interest over a decade to borrow money at different rates is:
3% APR = 15% of principle over a decade (low rate for a well secured loan)
10% APR = 60% of principle over a decade (typical auto loan rate)
18% APR = 116% of principle over a decade (typical credit card rate for borrower with ok credit)
Spending $15K over a decade to borrow $100K makes sense for most people. But paying $116K to borrow $100K is bad decision making period. The numbers "3" and "18" don't seem that far apart, but "15" and "116" sure are. These kinds of logarithmic progressions are how people who are bad at math continually get screwed by the financial system.
My simple rule of thumb is this: "If the interest rate is more than inflation + 3%, pay cash or forgo it." And that applies to everything.
