rholbrook
Well-Known Member
- Location
- Kaysville, Ut
I rarely if ever give financial advice or tax advice. What works for me, may or may not work for you. Things to consider though, always max out your 401K contributions each year. Look at making a room or two in your house to run GregCo as well as your separate garage. They are looking for a sq footage number. Your vehicles, lifts, parts, etc help you with RME as well as the company I hope you have that owns your share of RME. The Section 179 deduction for your "business vehicle" can help. As far as an EV goes, I did enjoy that deduction even though my wife really wanted one and loves her EV. I would rethink the Prius though, I can't believe you even considered a Prius. Maximize your business deductions. Keep track of your miles driven to Moab, Price, etc. PROMOTING your business. Just be more conscious of what you are spending your money on. Expensing meals isn't as good as expensing that same meal promoting your business. Just classifying the meal as a promotion is 50% vs 100%. That goes with entertainment as well. You should deduct the insurance expense on your business vehicles. Just take better notes on your business expenses, I bet you could save on taxes just by thinking more about your spending.
