Mixing Helpfulness and Humor Since 2005

Sunday, November 19, 2006

Bad Advice of the Weekend

The following is bad advice. Another one of those things that may look like you skirted the IRS on paper, but as it turns out IRS auditors wear long pants:

Maybe you're a freelancer, free agent, moocher, or hobgoblin, but for whatever reason, feel you'll OWE money to the IRS this year for taxes, and the end of the year is close. The only thing nice about having to PAY money to Uncle Sam is knowing that at the last minute, you could possibly enable yourself to buy a fun business toy to write off to help offset the expense. But, maybe you don't have time to do a preliminary tax preparation to see where you stand. If so, it's actually possible to make a purchase after the year that counts toward the current year. On December 30th or so, rip out 2 or 3 checks from your checkbook and set them aside in a safe place. Continue using the rest of the checks from the checkbook. Have your taxes prepared as soon as possible, and when you see where you stand, you can use the previously pulled checks to buy business toys! As long as the check sequence is prior to the end of the year, you can purchase something later that will count for the previous year.

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