“Who writes it off?” his dad asks. He replies, ‘I don’t know the write-off people.” ✍️
This was SUCH a great Schitt’s Creek episode and is so close to my heart!
I see/hear of SO many business owners who buy things in their business because it’s a ‘write off’.
Yes, there are so many things that you can legit run through your business.
My advice 👇
If you wouldn’t buy it anyway….don’t do it for the tax ‘savings’.
Most likely you aren’t getting 💲-for-💲 tax savings on what you’re purchasing. I don’t know your exact tax situation but most likely…
👉 if you pay $1000 for a photoshoot…you are not getting $1000 off your tax bill.
👉 if you pay $2000 for a website…you are not getting $2000 off your tax bill.
YES they will decrease your tax liability but it won’t be in exact proportion to what you paid.
Similar to my favorite saying, “Just because something is on sale doesn’t mean you have to buy it”.
Same applies here.
Please, do not purchase things in your business just for the ‘write off’! I would prefer a good profit margin and great take-home pay even if that means slightly more in taxes. Let’s crunch some numbers. To be conservative, we can say that the website will decrease your taxable income 60% so…$1200 OR I could just have that $2000 as more profit/owner pay in my business.
👉 I’m not saying don’t do your website (I love the one I updated to this year).
👉 I AM saying don’t go redo it every year.
This time of year has people scrambling! Let’s create some ☮️ as you prepare for year-end.
If you’re feeling confused, I invite you to book a FREE Get Honest With Your Strategy To Scale! We’ll create some action steps so you can get clear on how YOU can create some peace as you prep for Year-End. Only a couple spots remaining for the entire year! 🔗 Book Here! grab yours today!
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