Mike Andes walks through year-end tax planning for his small business. He's looking at Section 179 write-offs for trucks and equipment, but with net profit around $50-60k, he'd only owe a couple thousand in taxes, so buying a $50,000 truck doesn't make sense.
All right, it's December 1st. Time to start thinking about your tax bill for the end of the year. Yeah, man. I was looking at TikTok the other day, and I think I'm gonna do a thing called a write off. And they said There's a section 178 or 179 where I can just not have to pay any taxes. And so this year, we didn't make any profit. We didn't make any money, but I'm gonna buy a couple more trucks because I don't want to pay Uncle Sam anything. Last year, we actually grew the business quite a bit. And so because we almost doubled in revenue, I. We didn't make a whole lot in profit simply because we bought more trucks. We already got a bunch of equipment. So I think my net profit's around 50 or 60,000. And so once I took out the standard deduction for me and my wife, I realized that I'm only going to owe a couple thousand dollars in taxes. I'm not going to go buy a $50,000 truck just to save a couple thousand dollars on taxes.
