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Looking for last minute write offs. What would you buy?

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  • Looking for last minute write offs. What would you buy?

    I've already stocked up on shampoos and conditioners. I bought new chunkers and thinners. Bought a backup inverter for the van and new tires. I'm just at a loss as to what else I can do. What would you buy?

  • #2
    Back-up dryer or parts for dryer maintenance. New clippers (I buy a new pair annually and previous primary pair becomes new back-up pair, old back-up 's are gifted or sold). More blades (you will never not need those eventually ). More stripping knives (cause even though I have fifteen already there are more I don't yet own!). A few of those cheap small brushes that I only use for brushing out feet. More Breathe Right masks. As you can tell shopping is my superpower!

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    • #3
      How about some new groomer clothes? Artero, & Groom Professional for winter and Tikima for next summer.

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      • #4
        Jo-Ann's usually has some good sales right after Christmas. You could stock up on bandanna fabric. I usually spend over $100 on gifts for my 4-footed clients, and give a nice donation to the local humane society.
        Old groomers never die, they just go at a slower clip.

        Groom on!!!

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        • #5
          Filter and carbon brushes for your clipper vac (if you still use it). Also on my list are clipper vac attachment for bravura and couple of belly bands from Romani.

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          • #6
            Why not put it into a non-taxable retirement fund ? If you don't need any equipment, why spend the $$..... If you live an average of 15-20 years in retirement, you will go thru a 1/2 million in no time, since most retirement homes can cost upwards of 2-3 K a month

            Happy wearing diapers and drooling

            Dolly's Barking Bubbles, LLC

            www.dollysbarkingbubbles.com

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            • #7
              I know this is a little off the topic, but how do write-offs benefit a business? I understand that it's great to be able to lower income, but isn't the expense of the item purchased more than the benefit of the write-off? I don't know the answer, just curious.

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              • #8
                Originally posted by Emma123 View Post
                I know this is a little off the topic, but how do write-offs benefit a business? I understand that it's great to be able to lower income, but isn't the expense of the item purchased more than the benefit of the write-off? I don't know the answer, just curious.
                No definitely not and not if it's something you need or will need in the future. It's not dollar for dollar tax saving but it is dollar for dollar of the top of your profit which lowers your tax burden.

                Dolly the maximum we can put in is 12000. 6500 for hubs and 5500 for me. It only lowers the tax burden by 1800. We try to put in all our retirement in hubs' name since he is older and can draw it out sooner without penalty should we ever need it. So while we are going to do the maximum for him, we'd rather not tie up that money. Plus our regular checking accounts pay us 2.5 and 3% interest on our money which is much more than any IRA would.

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                • #9
                  To buy small items will really do nothing in the big picture. It's not worth spending money on things you don't need at this time just for the small write off with 30 days left in the year. Save it for next year.

                  Do you write off part of your power bill and water for filling and charging your inverter? Also, take the mileage write off instead of fuel, you cannot take both. Mileage I think is .55 cents per mile.

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                  • #10
                    Yea I do mileage. I'm going to the cpa to see where I sit because I can't do the math myself on the van write off. I know the small stuff won't add up enough to make a difference I need big ticket items.

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                    • #11
                      Oh and Tom next year my tax burden won't be as high. I'm not going to overwork myself anymore and I won't have the capital gains from selling my shop in Washington.

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                      • #12
                        You can take the depreciation of the van as a write off. That can be thousands. All bank fees too. Van registration fees. Smog check cost. Do you have a home office? That portion of the house can be a write off. These are some of mine.

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                        • #13
                          Originally posted by IrishSetterTom View Post
                          You can take the depreciation of the van as a write off. That can be thousands. All bank fees too. Van registration fees. Smog check cost. Do you have a home office? That portion of the house can be a write off. These are some of mine.
                          Yes, I already do all of that as well Tom. I need more this year lol! I worked my tail off, made a TON of money, coupled with hubs' salary, and the capital gains from the shop sale we more than doubled what we made last year.

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                          • #14
                            Cockerlvr, I want 2.5-3% interest...what bank are you using??? thx!!! deb

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                            • #15
                              Originally posted by Emma123 View Post
                              I know this is a little off the topic, but how do write-offs benefit a business? I understand that it's great to be able to lower income, but isn't the expense of the item purchased more than the benefit of the write-off? I don't know the answer, just curious.
                              Depends upon your setup. Certainly if you are a corporation you don't want double taxation so you either take it as a paycheck, thereby taxed only once, and not leaving any profit for the year by the corporation for corporate taxes.

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