I got the Bureaucracy Blues

Clyde Hollinger cedel@supernet.com
Fri, 13 Apr 2001 08:15:09 -0400


Rob,

You certainly should do all you can to take all legitimate business
deductions.  If you ever get to take a class by Randy Potter on taxes, take
it!  I think he knows everything there is to know on the subject.

One caution I would submit for everyone's consideration is to not buy
something you wouldn't otherwise purchase for your business, for the sole
purpose of reducing your taxes.  (Please note the word "sole.")  For
example, if I look around my office and think, "Well, another filing cabinet
for business records would be nice.  If that purchase results in a $200
business deduction, my taxes will go down $80" (assuming 40% for federal,
state and local taxes, a figure I pulled out of the air).  True, but your
total cost will still be $120 for an expenditure you wouldn't have made
otherwise..

One thing I've never been able to understand is the way people sometimes
seek to keep their house mortgages as high as possible, for as long as
possible, so they can use the interest payments as a tax deduction.  Money
paid in interest is money down the drain, isn't it?  It seems best to me to
pay off any loans, mortgage or otherwise, just as soon as you can, so the
money being spent for interest can be put to better use.

Regards, Clyde

Robert Goodale wrote:

> I got the "Bureaucracy Blues"... (hum us a few bars y'all).
>
> I also need to find more right-offs for my taxes BAD.  I have really
> gotten burned this year by the IRS.   We could buy four big screen TVs
> each equipped with surround sound and a DVD player for what we are going
> to have to pay this year.  QUESTION:  I recall in the past that there
> was a half day seminar at the PTG in the past on how to find ways for
> techs to reduce their taxes.  Does anyone know if they are running that
> one again this year?  I think I need to be in it!




This PTG archive page provided courtesy of Moy Piano Service, LLC