My Dream Situation

[superdog]

I just had a long talk with my accountant. This gentleman has been with my company for well over a decade.

There are things that I do not like about him. However, he is squeaky clean and I feel very confident with him. I know that I leave money on the table, but I prefer to not take any chances.

I have had other accountants tell me I could play with some loopholes a bit more, and I always decline. I like to play it safe with taxes.

Now that this is out of the way.

As some may remember, I recently leased two F150's and branded them as a way of advertising and transporting staff and tools and materials. I knew that leasing was good for tax purposes, but I don't have much experience with leasing and I did not realize that this is basically a complete write off as it is a work tool.

Further to that, I drive one of them pretty regularly.

However, I also own my X5 outright. So my accountant tells me, knowing that I like to flip cars, that there might actually be a business case to trade in my X5 and lease a car for me.

I never leased before because I put so many miles on my vehicles due to work. However, now that I split my time with the F150 and my own vehicle, I can get away with 15,000 a year for a lease.

And apparently because I use it so much for work, that too is a nice write off, and becomes better when I lease a vehicle.

So I can literally trade in my X5, get a nice big check and write off the cost of a new vehicle lease as long as it is over a certain weight.

Now, I like my X5 a lot. But I am not sure I am going to pass up this opportunity.

I do realize that I lose based on the hit from the X5, but I make up for that to some degree by having the extra cash to work with. And now I have a payment whereas before I did not. But much of the payment is a write off and this is just one payment amongst many.

This is going to be fun. A lot of options to play with. Clearly, has to be an SUV. Not as interested in the fastest SUV I can get, as I was in the past. I am more interested in snow capable. I do want power, but I think armageddon is on the way, and I want to be prepared.

I will update the thread later with some thoughts, but again, this is going to be fun. And I felt compelled to share.