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Managing Quarterly Taxes and Strategic Purchases

6:39
24:37
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At 6:39 in

Keynote Speech-Your mouth makes you your money part 4 4 k video

What happens here

Genadek is asked by an audience member about managing quarterly taxes and forecasting profits for equipment purchases. He responds that he allocates more than he expects to spend on taxes, ensuring he has enough to cover liabilities while also having funds available for strategic purchases. He explains that his purchases are timed to coincide with a good year or when there's an incentive from manufacturers, often around November or December for the previous year's models, which allows for better deals and tax deductions. He explicitly states that he will 'find a reason' to buy new equipment rather than 'give that money to Uncle Sam'.

Goal: Optimize quarterly tax management and equipment purchasing to minimize tax payments.

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okay all together with me on that one right that doesn't sound fun doing your taxes really who the heck wants to do that but after the first of the year it's too late it's too late because now you can't take if you make too much money after January 1st if you make too much money you can't go buy a piece of equipment and have it be expensed in the in the previous year it's too late you're looking you're looking like you're confused ball I'm not confused I don't understand like the first three quarters well like you talked about the end of the year buying stuff so you don't have to send that way in the government what are you doing hi Emily Kate I just allocate more than what I think I'm going to have to spend so that I have that coming in but then I look at if I'm going to have excess profits I don't want to just give that extra 33% away so I'm going to make sure that I then have enough time to make the purposes that's why you'll see implement dealers construction dealers these guys are going to be trucked truck companies I mean anybody here ever bought a truck you know for a tax deduction at the end of the year Joe Hall did you have a problem getting them for they like oh man we're so swamped right now they knew it was they knew it was coming okay so you had it you had a relationship then with somebody I'm guessing right well I mean we bought four trucks okay so like they were pretty happy to see us right regardless pay but they knew the situation yep you know south of Chicago so a lot of contractors to do that sort of thing but it's the bigger guys to do it who have learned how to do it it's not the smaller guys cuz they'll wandering in March when they're getting all the calls and then the dealerships

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