Main Street Business

#604 Year-End Equipment Purchases — When They Save Taxes (And When They Don't!)

• Mark J Kohler and Mat Sorensen

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Buying a new truck or piece of equipment before December 31 can feel like the ultimate year-end tax hack, but this episode breaks down why that decision can either save you thousands or create a painful tax bill you never saw coming. Mark J. Kohler and Mat Sorensen walk through the real math behind deductions, bonus depreciation, basis, and business-use percentages so you don’t fall into the traps many business owners hit when rushing into a purchase for the write-off. If you’ve ever wondered whether you should buy now, wait, or skip the purchase altogether, this conversation gives you the clarity you need.

You’ll learn how tax brackets, depreciation schedules, and financing choices impact your allowable deduction, why bonus depreciation isn’t always the smartest move, and how S-corp basis affects whether you can deduct anything at all. The guys also explain year-end timing strategies, the time value of money, and how to prioritize deductions that actually move the needle—while avoiding the mindset of treating tax planning like a last-minute school assignment.

If you want to make smart year-end decisions, hit like and subscribe for more practical tax and wealth-building strategies. Have a question about your specific situation? Drop it in the comments! And if you’re considering a major purchase before December 31, watch this episode before heading to the dealership or equipment lot.

You’ll learn:

  • How to avoid the biggest year-end tax mistakes business owners make when rushing to buy equipment or a new truck
  • Why “just because you can doesn’t mean you should” is the most important rule in year-end tax planning
  • The difference between a tax deduction and a tax credit, and why confusing the two leads to expensive decisions
  • How to calculate whether a year-end equipment purchase actually saves you money after factoring in your tax bracket
  • Why business-use percentage determines whether your vehicle deduction is $100,000 or $30,000
  • Why 100% bonus depreciation can become a trap if you finance equipment without having basis in your S corporation
  • Why contractors, doctors, and other high-income earners should not automatically take bonus depreciation in one year

Get a comprehensive tax consultation with one of our Main Street tax lawyers that can build a tax strategy plan with an affordable consultation that will leave you speechless!! 

Here’s the link - https://kkoslawyers.com/services/comprehensive-bus-tax-consult/?utm_source=buzzsprout&utm_medium=description-link&utm_campaign=main-street-business-podcast&utm_content=msbp604-year-end-equipment-purchases

SPEAKER_00:

Do you want the deduction with the IRS today or a year from today? You get to choose. We might be giving you permission to go buy the new truck. You may say, ooh, ooh, I want a tax write-off. I'm gonna write off the whole hundred grand. Just because I can doesn't mean you should. You just created a taxable event. Holy crap, I really didn't need it. It was on the bubble, and now it's cost.

SPEAKER_01:

Treating this like you're in elementary school, and it's the last day to turn in my assignment. Get it in now. You have to get it in by December 31st.

SPEAKER_00:

Bonus depreciation can be a trap. And we don't want to let the tax tail wag the dog. Welcome everybody to another episode of the Main Street Business Podcast with yours truly, Mark Kohler, and the amazing Matt Sorensen. Fellow business owners, real estate investors, retirement account, self-directed masters, we are here to help you with your year-in tax plan. I love this time of year because you're giving yourself an extra gift at Christmas if you do it right. But if you don't, you could end up with a lump of coal in your stocking, and you do not want that. So, Matt, tell us tell everybody our topic. I'm excited about this.

SPEAKER_01:

Yeah, we're going to talk about whether you can buy a vehicle or equipment in your business and whether that makes good tax sense, amongst all those other things Mark said about us. We are two tax lawyers. So we might be giving you permission to go buy the new truck. I don't know. You might be able to go to your spouse, you know, and say, hey, Matt and Mark said, you know, this is a good tax decision for us.

SPEAKER_00:

So we just, I need the new truck or whatever this piece of equipment might be in your business. Yeah, you tell your spouse, direct all your hate mail to Mark and Matt. Here's their address.

SPEAKER_01:

Uh but uh backing you up on some of this, but not all of it. We're gonna get into that. We're gonna get into why this might make sense and why it may not make sense because we get this question from a lot of our clients in our law firm, KOS lawyers at year end who are like, ooh, I've heard about this bonus depreciation and maybe this big, beautiful bill. It's now a time to buy some equipment in my business. Does that help me from a tax standpoint?

SPEAKER_00:

Well, let's dive right into it. And we've got to talk about several concepts. And I I this will really pay off in a lot of your long-term tax planning as well. And the first one I want we're gonna talk about just because I can doesn't mean you should. That's gonna be a theme. The first one I want to talk about.

SPEAKER_01:

People start figuring that out around like 25, 26 years old in life, you know?

SPEAKER_00:

Usually your morning after age 21 birthday, it starts hitting you like a brick. Yeah. So uh okay. So, but the first one I want to talk about is the difference between a tax deduction and a tax credit. Now, why does that matter? Let's just I'll I'll take first stab at this. Matt and I say things different ways, and and it it's just perfect for a lot of our audience. It can resonate in with one of you vice versa in a different way. I think it's it's super powerful to hear it stated with a different example or metaphor. I want to start the ball rolling here, Matt, was saying, let's say I've got a$10,000 purchase. It could be a new oven for our restaurant, it could be uh a new lawnmower for my landscaping business, it could be a new piece of equipment in the doctor's office, whatever your business is. It could be a new computer system if you're working online doing computer work. So you've got this$10,000 expense. You may say, ooh, ooh, I want a tax write-off, I'm gonna spend that$10,000. This is a smart move. Well, now it doesn't mean you get a dollar-for-dollar tax benefit. So if you owe$10,000 in tax, it doesn't mean if I spend$10,000, I get I save$10,000 in tax. You have to look at what is your tax rate. So if let's say you're$25,000 Fed, five state, so you're kind of an effective tax bracket of 30%, which is the swath of most Americans right there. You're pretty safe, saying 30%. Um some states are higher, sometimes your Fed's higher, whatever, 30%. So if I take a$10,000 expense and go buy that piece of equipment, whatever it is, I'm gonna save$3,000 in tax because my my profit went down by$10,000 because I spent money. And so I'm gonna pay tax on$10,000 less of income. Well, I'm in a 30% rate, so I save$3,000 in tax by spending that money. So then we have to go, is that a real good use of$7,000 of mine? Did I really need that equipment? So that's my take at that point. And because credit's different, Matt, you've been knee-deep in credits lately too. Again, you might have a different way of explaining this.

SPEAKER_01:

Yeah, and I think the the tax credits, the instances where you get a tax credit, it is all it's more of a no-brainer because that is dollar for dollar. If I can spend$10,000 and pay the IRS$10,000 less because I get a dollar for dollar tax credit, I'm I'm already break-even. I presume anything I'm spending that$10,000 on is going to provide some value or benefit in my business. And so if even if that value is$1, I've won on the tax credit side. So, but when we're talking about buying equipment here or the new vehicle that you use in your business, we're not talking tax credits. We're talking tax deductions. And this is why the clients that are rushing at year end, because they want to get on their 2025 return and they want to save money for 2025 tax purposes, is we still got to make the analysis. And I like how you said it, Mark, in that example. It's like there still needs to be value of this in the business. It's still costing you, in Mark's example,$7,000. So is that$7,000? Is that going to add that much value to your business for purchasing it? It doesn't need to add$10,000 of value, because I did get the tax deduction, but it needs to at least add the seven or whatever your tax bracket might be.

SPEAKER_00:

Yeah, if we juxtapose this, which that's a big word, but we compare it to, I don't know where I came up with that word, but um if we if we compare it to like maybe you've got kids helping you in your business, you're already giving them money. You're helping already under age 18, over age 18, you might be supporting them in some way. A cell phone, helping them with school costs, tuition, a car, whatever. Under age 18, overage 18, you're spending that money anyway. So when you go put, we get that on the books in a proper fashion, and please, that's a year-end strategy. You've got to go listen to some of our other podcasts on that. That's one I'm spending the money anyway. So converting it into a tax deduction legitimately is super powerful. But with that$10,000 for that equipment, hmm, I have a choice. And I want to make a wise choice that's business. I so here's my point of this in this conversation, this concept, is let's make a good business decision first, and then consider the tax ramification or benefit second. And we don't want to let the tax tail ra wag the dog, is what many of you have heard me say before. Matt? Yeah.

SPEAKER_01:

Yeah. No, I I love that. Um, but and let's get into, I think, like that, they're like, I love that you're spending that money anyways. Now we're talking about outlaying new money. And does that make sense? And so sometimes people think, well, let's go back to the vehicle. This is kind of this decision. Well, I'm going to use it personally, so I was going to personally buy it anyways. Then is that a business expense? Because if you only get to take a hundred percent deduction if you use that vehicle 100% in the business. If you're using that vehicle, you know, let's say that let's say the vehicle is 50 grand. This is a new truck, a delivery truck, or you're a contractor going around a job sites, whatever it is, and you're like, well, I use that truck 60% for business, 40% personally. It costs you 50 grand. Well, that means you're, oh shit, I can't gotta do the math on a hard one. About a$30,000 write-off, you know? Yeah, there you go. So it's like, that wasn't a$50,000 deduction. That's a$30,000 deduction. All right. And so, but that costs you$50,000. Now, you might not have outlaid the$50,000. You could have got a loan for that and you put some money down, possibly. Um, but but so just start, we want to get your brain thinking in the right way of making a good business decision and not being um talked, don't talk yourself into this because of the tax deduction. We want you to get the tax deduction and maximize as much as possible. And this bonus depreciation and the big beautiful bill that went into effect this year reincentivizes you to frankly buy the new vehicle or equipment in your business. But it is not giving you money to do this. This is costing you money, as we've been talking about here.

SPEAKER_00:

Yeah, now I love Matt brought us perfectly to the next conversation point or two. And that is 100% bonus and buying it with credit. Now, this is where there could be some major pitfalls, people. So the talk conversation's not over yet. You may say, no, I really need this. Okay, okay. If you and I think there's this level, in fact, I want to say this. There, there may be like, I really got to buy this. I need to have this. Okay. Let the tax chips fall where they may. Um, now we got to talk about the method of buying it. Uh how are you gonna deduct it? We'll come to that in a moment. But if you're on the bubble, that's where we've got to really think twice of now. If it's just a want, okay, so we got want on the bubble, absolutely need it. I think as business owners of over 25 years, Matt and I would say, please don't buy the wants. Unless you are that financially stable that you're buying it for a want because it's a want. Don't do it for a tax reason. But um, but on the bubble. Okay, so one big beautiful bill, their goal was to stimulate the economy. Trump, Congress, whatever, uh, it was like, let's give incentives to business owners to help them stimulate the economy. If a business owner here ever buys a$10,000 worth of equipment, there's a business on the other end of that transaction that's just made$10,000. And they're gonna take that and go buy more stuff in their business. And it's got this ripple effect. That$10,000, and I've seen economists would say that$10,000 deduction for the first business owner creates almost an$80,000 ripple effect in multiple businesses down the line. That stimulates gross national product and our economy. That's a good thing. So that's why this is a hot topic, too, because in most instances, if you choose, which we're gonna come to, that bonus depreciation allows you to write off 100% of the business use. I love that Matt distinguished that because the vehicle may not be 100% business use. So 100% bonus is the 100% bonus on the business use. It's not 100% of the piece of equipment. You got to do that extra math of is this all business? So, Matt, I love that angle you brought in there because I yeah, it's a deceptive one.

SPEAKER_01:

Yeah, and let's talk about just like a piece of equipment and how you typically write it off. Let's say you bought, I'm gonna just do 100 grand here so I can freaking do the math this time. Let's say you bought a piece of equipment, vehicle doesn't matter, but it's a hundred thousand dollars, all right. And generally you don't get a deduct$100,000 in year one. You have to amortize this over time. And let's say it's something that's depreciate this, you're amortizing over time, and you're depreciating over time. And so let's say that it's this type of equipment has a five-year lifespan. Okay, you're gonna be taking 20 grand a year as an expense that gets to reduce your taxable income. I don't get to take 100K unless I'm utilizing some other strategies here, but typically I'm I'm writing this off over a period of time. And this could be seven years, 10 years, depends on what the type of equipment is. And there's different schedules on this. So just know the general rule of thumb when you purchase equipment is this has a lifespan. You write it off over time as you own as you own that piece of equipment.

SPEAKER_00:

Okay. Now I'm gonna do my best to not cause any of you to fall asleep here or want to throw something out a window. But I've got I'm gonna give you all the tiers of how you go through that decision-making process of depreciating a bonus or not. And this is important because you as a business owner might think it's a certain way, and you go tell your accountant, or you might even be doing your DIY taxes on turbo and make a major mistake. So let's just, I'm just gonna hit this quickly. Matt says we buy a piece of equipment for$100,000. Standard depreciation would be, let's say it's five-year equipment,$20,000 a year. That's option one. Option two is I could do what's called$179, I could depreciate, I could take as much of a write-off I'm allowed to up to the amount of income in my business. So if I made$50,000 in income, I could write off up$50,000 of that equipment. The remaining$50,000 would have to be over five years. So then I do$10,000 a year for the next five years. But$179 lets me take it enough write-off to bring me to zero. That could be a good thing because you're like, why don't I save the next$50 grand write-off for the next five years? Why do I need to go negative and I'm in the lowest tax freaking bracket? I'm gonna make more money next year. I'd like to save that$50,000 over and above the$179 because I'm gonna be in a higher bracket next year. Why use it up on a 10 or 15% bracket? Third, you go, I'm going hard. I'm going 100% bonus, I'm gonna write off the whole hundred grand. Okay, did you pay cash for this? Because if you did, that's cool. You have basis. I put in 100 grand in the business, I wrote off 100 grand. I bought equipment, I bought, I write off 100 grand. But if you put down$1,000 and get a loan for$99,000 and say, I'm gonna write off the whole hundred, in an S corporation, you don't have basis. But in a basic sole proprietorship or LLC, you would. But if you've made an S election and you get a loan for$99,000 and you try to write that off, you can't because you have no basis. Debt is not basis like you would normally have in an LLC with a rental property. So you go to do that 100% bonus, you've now taken a deduction, an exceeding basis, you're taxed on that. You've just created a taxable event by buying that equipment for 100 grand because you did it with debt with no basis. And this is a major pitfall that accounts have to unravel doing unique journal entries to put a loan from you into the business, blah, blah, blah. And it's it's a train wreck for an accountant come next spring. And you don't get the write-off you thought you did either. And now all of a sudden you're like, holy crap, I really didn't need it. It was on the bubble, and now it's cost. So that was it, Matt, that was a little lengthy. Maybe you could unpack that and tell me how you would interpret that.

SPEAKER_01:

Yeah, so I think for an S corporation owner in particular, let's just focus on that. A lot of our small business owner clients that are operating businesses making money. Let's go to the doctor, okay? Let's just say they want to buy that$100,000 piece of equipment. They're making a million bucks this year. They only want to be taxed on$900,000, you know, and uh and they've done everything else, of course, and they've got down to a million. So now they spend the hundred grand. Like they have the money in the business, right? They're making good money, they're at the highest tax brackets. So they spent that hundred grand on that piece of equipment five years, otherwise would have done 20, 20, 20, right, over five years. Now, so what Mark's saying here is you can take that 100K. You spent it, you bought it from the business, right? You spent that 100K. Now let's go to contractor, because this I don't know when you know pick on the contractor, but this is the one that they want the new truck, but they don't want to buy it. Maybe they put the money down and they get the loan on it, and they use it 100% in the business. Let's say that they really do. Like, this is the truck they use to go to the job sites, uploading stuff. They actually, this is like real, like used in the business. Um so this would be one where you're not getting the full juice out of the squeeze here. Um, because and I should say the IRS is being like, yeah, you didn't really put the juice in, like, because you've just got debt on this. So what what is are there any workarounds? This is more of educational for me. Mark's gone down you know, the round more of this than I have. It's like I know you've got a trick or something. You've got some tip, yes. You've got some tip. I know.

SPEAKER_00:

Well, there's a couple tricks here. Um, yes, and planning in advance helps it uh significantly, not just going out and wild and crazy doing this. This is why we're so busy at the firm doing year-end tax consults. And if any of you are listening already going, okay, I got some ideas, book it book a year-end consult with us. You can take that information and talk with your accountant about it. Maybe it's time to upgrade. We've got a network of accountants that we work with, that we've trained. Um, so down below in the description, you can book a year-end tax consultation with the tax lawyer and apply all this knowledge and about 50 other things to bear on your situation. So just an aside. Don't feel like you have to figure this out yourself. Okay, so Matt, I love your example. He had a doctor that was making a million bucks anyway, a contractor that might be making 100 or 200 grand, but they've got a lot of expenses and they're maybe a little more um lean and mean. Yeah. And so buying that truck might actually put them in a loss that they could use as a deduction against other income. Let's say their spouse has a day job and the contracting business, man, if it generated a loss, we could we could write that off against other income. And so they're kind of more on the bubble. And the way Matt explained that was perfect because if the doctor's making a million, he can go get debt and buy that piece of equipment or pay cash. He's got basis because he earning money in the business increases your basis. Taking money out personally and using it and going on a trip around the world reduces your basis. So the doctor in that situation usually has enough basis that we're gonna be okay. But the business owner that this contractor that's making 200 grand a year takes all the money out to support his family. Basis is not an issue of um even what's it's it's almost like, I guess, in a sense, what money is left in the bank. Because if you drain that S corporation to support your family, you may have still paper income and your K1 shows profit and you got a W-2. You're like, I made money. Yeah, you did, but you also drained the company. That is what relates to basis. You don't have more money in the company to buy that truck, so you're gonna go get a loan. Now that would make logical sense. And I would say do it, but don't do bonus on it. Because if you take the bonus, now you're driving yourself into a negative basis. You're now are you're you're getting that truck on the books with debt, not new money, because you've drained the business to live. So I I know that sounds a little tricky, but for any of you that are really living on your S-corp, it's it, you're you're draining it for the most part, which most of us do, um, which you should. You don't want to leave a lot of money in your S-Corp. Buying the truck if you need it or it's on the bubble is good, and spreading out the deduction is better. What bonus depreciation can be a trap. And so that's the my message. Don't get too excited to write that truck off entirely if you're doing using debt. Your accountant can do a workaround with a loan onto the business. And we might be able to generate a better write-off, but you still may not get bonus because you're using debt to do it. Um did that make sense, man? I mean, it is.

SPEAKER_01:

Yeah, and I think that that contractor making 200 grand that buys the you know 100,000 piece of equipment here, it might not be the smartest way to use that all in one year, right? Like that 100 grand is actually more valuable to me to take over time because I'm in higher brackets rather than going down all, you know, taking 100,000 and going down a couple brackets to where the value of that deduction isn't worth as much. If you know your business is going to sustain and make at least that much money or more the following years, it actually might have more value later on.

unknown:

Yeah.

SPEAKER_00:

And Matt, you've talked about this a lot recently where there's some big jumps between the um 10 and the 22% tax bracket.

SPEAKER_01:

Yeah. And and I would just around that 200K, you know, especially married filing joint, you know, you're right around that. Someone in 100 to 200K, that's about where you start jumping up. And now you're starting to hit the high 20s and 30s in terms of your tax rate.

SPEAKER_00:

Yeah. And so, people, what we're talking about here is the sweet spot. What we're shooting for are enough write-offs to keep our bracket at the 10%, but don't get greedy and go to zero. Keep it at the 10 or keep it at the 22, or keep it. Let's let's find the bracket, that sweet spot that works for us. And um and and not just because we can take the write-off doesn't mean you should. Boy, there's a lot of parallels in life there, and I'm not going to say anything. That's where my inside voice, Patty said, Mark, that would be a wonderful joke around a dinner party, but do not.

SPEAKER_01:

This is where our editors like edit out what Mark said, and then we come back in the podcast and they make it sound like, you know. I know.

SPEAKER_00:

If I say anymore, I'll offend someone, I'm sure. But um, yeah, there's a sweet spot you can find here with a little study, conversation, lots of communication, and practice. I'll just leave it at that. I think it's a very good tax principle. Yeah, yeah.

SPEAKER_01:

A lot of lot of life tips in there, a lot of life tips that may bring you some happiness. Um, okay, so let's let's just I want to have one other thing in here. It's just this big, beautiful bill that we've been hearing about was had some big beautiful things in there from a tax planning standpoint. And this ability to take bonus depreciation up to 100% that's effective for 2025. It was otherwise going to be only up to 40% of the uh of the asset. So that that was a good thing here. But as we've talked about through the podcast, you want to be strategic about how you take that, whether you gobble it all up in one year, make sure you're considering the basis consideration Mark talked about. And also think about your tax rates and where you might be in the value of that deduction gobbling it up in one year. And think of the doctor who's you know making a million, that they're 37% anyways. You know, but this hundred grand that takes them down, they're still 37% of every additional dollar. That contractor making 100 to 200K, it might actually make more sense for them to be taking it over time, anyways.

SPEAKER_00:

Yeah. Now, one last concept. This is an important one. It's called the time value of money. So I'll ask all of you driving down the road, you're on a treadmill right now, would you like a thousand dollar deduction with the IRS today? You're gonna spend a thousand dollars. Do you want the deduction with the IRS today or a year from today? You get to choose. Now, setting aside Matt's point for a moment, that you've got to look at your bracket situation. Because if you're in a higher bracket a year from now and you are pretty confident kicking that deduction to next year is gonna have more bang for its buck, okay. But if not, holding things constant with the same tax bracket today and a year from now, I think all of you should answer. The correct answer would be today. That thousand dollars is worth more to you today because the IRS is giving you kind of an interest-free loan on that money, even if you have to give it back when you sell the equipment with recapture. But the point is a deduction today is always better than a deduction tomorrow if you're gonna spend the money anyway, and if you're in the same bracket. So that brings us to December. If you're looking down the barrel at expenses in January, supplies, equipment, you know, minor items, new computers for this part of the office, a fridge, uh, a little smaller piece of equipment. Holy crap, a bunch of stuff you need at Home Depot, you know you're gonna buy in January, go buy it in December. Because you're gonna spend the money in the same 35-day period, 60-day, whatever, but I want to get that write-off now rather than pay for it in January and have to wait a whole year to get the write-off.

SPEAKER_01:

Yeah. Yeah. Absolutely. That's this is the timing at the end of the year, trying to time that expense. Maybe don't be so slow as collecting your AR for those of you on a cash basis, you know, um, to try to push some income into 2026 rather than gobbling it all up in 2025 to get it on your return. So um, so there's a lot of strategic things here. And as Mark and I talked about, we do have our law firm, KQS Lawyers. There's so many strategies that you need to be thinking about here. We did a webinar on 20 different year-end strategies that our team did. So um just be thinking about those things at year end. If you come to your tax lawyer, your CPA or accountant on April 15th, being like, all right, what stuff can I do right now? The the list is pretty short. The list is long though, but by getting it done by year end. So that's why we're trying to talk about these items, get these in your brain, and let you know we're here to help to try and get that plan going so you know what makes sense in your situation, try and get done by year end.

SPEAKER_00:

And Matt, I've got to ask you to make one quick comment because I've learned this from you and love it. On the time value of money is the flip side of this. You don't have to put money in your Roth IRA until April 15th to get a 2025 benefit or your HSA or your traditional IRA or whatever. So you don't have to put it in until April 15th, but should I put it in now? It's a flip of this. What are your take? What's your take on that?

SPEAKER_01:

Yeah, I mean, we want to put money in as soon as possible. Like just our accounts, and this is even a fidelity study, said had the same analysis was um they looked at people who have the largest accounts, and these are million plus accounts, retirement accounts I raise. And they said, what characteristics do they have? One of the common characteristics was they contributed in January or February, once they had the 7,000 of earned income or whatever it might be for the account, not April 15th of the next year. And the reason that their accounts were bigger is they got a head start every year by like 13, 14 months on the rest of the people that wait till the deadline of April 15th the following year to get your money in. So what you should be thinking about right now is if you haven't made a contribution for 2025, get it in now, not because you have to get it in by December 31st, but because you want to get the money working for you, get your money invested so it's working for you. And your 2026 contribution, let's get that in as soon as you have that income in 2026 in January, February. Don't be waiting until April 15th of 2027 and give up, you know, 14 months of investment growth and gains. So some of those things are the characteristics of what people do. And it's it's really just about also um making investing a priority and making your assets work for you rather than you know, treating this like you know, you're in elementary school or high school, and when's the last day to turn in my assignment? And that's when I turn it in.

SPEAKER_00:

No, I love perfect analogy. So I'm gonna give everybody else a couple of extra little tips here as we walk out the door. Uh, there is a tax credit for actually dollar for dollar for setting up a solo 401k with the right provisions. I'm gonna leave it at that, people. We've got a webinar on this on our website, kqslawyers.com, where we you make money setting up a solo 401k before year end, and you get your money working for you as soon as possible if you so choose. So make sure you go watch that webinar right now at our website. It's exclusive to the website, it's not gonna be on YouTube or the podcast. Also, this whole concept of getting these accounts going, get over to directed IRA.com. One of the best Christmas gifts you can give to your kids or grandkids is open up an IRA for them. Open up a Roth. If you're gonna 1099 them for helping in the business or being on your board of advisors during the year, say, I'm gonna pay you, but it's gonna go right into this Roth account and leave that in their Christmas stocking. Hopefully they'll catch the import of that. That's a big deal. I take that over any other candy cane in my stocking. So get those Roth accounts set up. You can get to directedIRA.com. You can do it on your phone with an app within 20 minutes, and there's your Christmas shopping done. Open that account, issue a 1099, and put the money in the account, and you're getting a write-off for issuing the 1099 for your kids participating in the business and helping, and you're giving them a gift that's gonna help them the rest of their lives. We're crying out loud. So, so many options here. We've got great webinars on our website, additional podcasts. Matt, take us out.

SPEAKER_01:

Yeah, thanks everyone for being here and tuning in. Make sure you're subscribed. Wherever you're listening to this, make sure you're subscribed so you catch the next great episode of the Made Sure Business Podcast. Share this with your friends or family. See you next time.

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Mark J. Kohler

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