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The Magic Cafe Forum Index » » Not very magical, still... » » Deductions Rock! (0 Likes) Printer Friendly Version

Chad C.
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Hello fellow Magi,
I am proudly typing this from my brand new laptop with my brand new wireless internet connection - I also have a brand new SLR Nikon Camera, an external hardrive, a wireless mouse, and a camera case. Why go on this spending spree you ask? I will tell you. After a meeting with the tax lady, it was said that we were going to owe several thousand dollars more in taxes due to the fact that the magic business was very good this year, so I asked if we could spend some more money on more deductions and have the amount of taxes we owed go down. I figured I rather get stuff for my business than let the IRS waste it. So, she crunched some numbers and said that if we could make $8000 disappear we would only owe approximately $1000 or less in taxes - after what we had already paid quarterly.

So, I now am still needing to spend another $4000 - in doing so, we will save having to pay 5000-8000 in taxes! I am about to order a few small tricks that I may never, ever use in my professional shows but that I still want for one reason or another, then I plan on going within the next day and getting some real magic that I will actually use, then also Mr. Osterlind's new book, then, once I have gotten all my magic, I will then go and spend a few thousand on "forever" stamps at the post office for next year's mailings. My wife is also trying to talk me into getting a blackberry storm, but I am not terribly impressed with blackberry's, but she loves hers.

I am a very frugal person, as is my wife, so today at Best Buy it was a strange feeling to simply go and get something just because we had the money to spend - and price really wasn't a factor. While I will not be doing that regularly, it was very fun for today. Although I still debated about 4 hours over the price of two laptops!

Anyway, all of you who are doing this for your main source of income, it pays to do your taxes early and get to your accountant to see if you NEED to go and spend some money instead of giving it to Uncle Sam! He's got plenty all ready.

Chad
The Magic Cafe Forum Index » » Not very magical, still... » » Deductions Rock! (0 Likes)
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