Mitchell Baldridge and Scott Hambrick answer a listener question asking about switching from cash accounting to accrual accounting in his farming buinsess, and a potential tax bill that would arise from that switch. Listener Austin also asks about the common practice of spending money on new equipment to reduce taxable income, even when the business doesn't need the equipment. Scott and Mitchell explain why spending money on equipment you don't need to save on taxes is a bad decision, and why tax planning around write offs is a poor strategy for the small business person in general.

 

Ask Mitchell and Scott a question:

Email: [email protected]

 

Mitchell Baldridge

Twitter: @baldridgecpa

https://baldridgecpa.ck.page

https://baldridgefinancial.com

 

Scott Hambrick

Twitter: @hambrickscott

IG: @ogscotthambrick

https://onlinegreatbooks.com

https://scotthambrick.com