Ramsey Everyday Millionaires Can I Use the Cash I Saved for Taxes On A Purchase I Can Write Off?
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Sep 5, 2025 Explore the complex world of tax obligations and business expenses. A small business owner uncovers the challenges of managing significant payments while contemplating the benefits of purchasing assets for tax advantages. The conversation highlights the importance of professional tax advice and the dilemma of spending savings versus saving for taxes. Discover strategies that millionaires use to navigate financial decisions with discipline and foresight!
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Small Business Windfall And Tax Worry
- Roberto called from St. Louis having landed contracts that will pay about $45,000.
- He worried about a $13,000â$15,000 tax hit and whether to buy a vehicle or save for taxes.
Pay Quarterly To Avoid IRS Headaches
- Pay your estimated taxes quarterly to avoid surprises and sleep easier.
- Paying now may even yield a small refund instead of a year-end scramble.
Donât Buy Stuff Just To Reduce Taxes
- Donât buy a depreciating asset just to lower taxes; itâs usually not worth the risk.
- Keep the tax money set aside so you can adjust when you do your books.