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etdust

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About etdust

  • Birthday 01/23/1984

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    Yucaipa, ca

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Finally..Not a Stupid Title

Finally..Not a Stupid Title (6/14)

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  1. That is correct. 1031s are for investment property, not personal residence. That is not to say you cant 1031 a property that is currently an investment property and then turn it into your personal residence later to take advantage of the personal residence gain exclusion.
  2. I think the gen4s are 5.5"
  3. Correct. However it can really depend on how the plan is designed. You can put in a "safe harbor" plan where it allows the highly comp'd to max out whether or not the participating employees are putting much in. It just has some carved outs, etc for those but its a good option to avoid the top heavy testing, etc that traditional 401k plans require. I really like profit sharing plans that get stacked on top of 401k plans cause it allows business owners to really get a big deduction when they have big years, but doesn't keep them on the hook in years that aren't as stellar. Typically the owners have to give their employees money too, but they are typically able to take the lion's share for themselves because their salaries are typically larger so it makes sense dollars and cents wise, particularly for taxes.
  4. 1. Truck - Company owns the truck and leases it to you personally - Wouldn't do it that way, if it were me I'd track mileage and just have the Company "reimburse" you for mileage driven on behalf of the business. Then its a reimbursement, which isn't taxable to you personally, and is still a deduction for the Company. 2. House - Company owns the house and leases it to you personally - I personally don't like mixing a residence into an operating business. If the you know what hit the fan and someone sued the Company for everything it owns then your house would be up for grabs since the Company owned it. My personal favorites for tax savings are these: 1. Put in a 401k/retirement plan of some sort -- This is the only tax deduction where you keep the cash, albeit you can't touch it for awhile, but you have the money and get a tax deduction. Theoretically you are getting the deduction now while you're earning a ton, thus higher tax bracket, then when you take it out later in retirement you'll be earning less and then in a lower tax bracket and so you make the tax hedge there as well. 2. Buy the building you're Company operates out of and lease it back to the Company -- This allows you to get money out of the Company via rents to you since you own the building. Then you also get the depreciation deduction against the rents paid to you from the Company. Lastly this allows you another retirement income when/if you ever sold the Company and were able to continue leasing the building to the new owners. 3. Congress has let loose a ton of tax credits the last 3 years. Sifting through these is worth the time as you qualify for these sometimes and don't even know it. Particularly the engine builders I'd assume you'd qualify for the research and development tax credits since you guys seem to be constantly innovating your builds/designs of how you guys do things. There are alot of others as well that folks qualify for that based on the name of the credits most don't think they would. Definitely worth spending time with your tax guys in this area. One caveat on these: Everyone's tax situation is pretty unique so this is all generalized stuff, so no guarantees, etc blah blah blah
  5. Thanks! Been a great day for sure!!
  6. congrats! can't wait to see it as i am sure you can't either!!
  7. YFZ50 LED Headlight Installed Paddles and Dirt Tires CVT Drive Daughter outgrew so time for it to give the next kid joy! $1,900 obo Call or text Joe 909 841 2063
  8. I dont think I need the 20k towing capacity. I think I can get by with the 10/12k models. What about the Dynamax Isatas or the Thor RVs on the F550 chassis. What are the verdicts on those?
  9. I went looking for that thread hoping it might have been after the reset, but obviously it wasnt, hence this post haha. Lots of good info coming through. Appreciate all the insight.

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