buckeyefarmer
Epic Contributor
Liked the latest blasting video.
I once thought about how much wealth he has tied up in equipment. It's actually not too bad to park some money in equipment. You don't have to pay reoccurring taxes or registration fees, meaning there is no ongoing maintenance fees to maintain wealth. I bet he can sell just about every piece of equipment for more than he paid for them. The only real investment to go bad for him was the rock trucks. He probably lost some money there, but not as much as people think. He makes money using them and doesn't have to hire out services for his own needs. Plus he gets Youtube money.
Knock his style on equipment, but he's laughing all the way to the bank.
If it is on YouTube or part of Andrew's maintenance company, it is a legitimate 179 write-off. Andrew has got a huge channel with an estimated annual income between $500K and $1.1M. When your income blows up like that, you're most likely taking the total cost of acquiring, owning, and operating your equipment as a write-off in one year. For example, the Cat off-road truck was what, $20ishK, the Volvo something like $35K, and the Bell truck is likely north of $90K, the rock crusher is likely $150K, and so on, take all those expenses, sum them and write them directly off of his YouTube income for taxes and this even as he is using all of this stuff, for what appears to be improvements on his personal property (that can also be expensed).
I do this with my YouTube stuff except my income from YouTube is negligible, so I deduct the 179 expenses I accrue over multiple years, and I haven't even started deducting some items. Regardless, YouTube makes it possible to write off everything in front of, as well as behind the camera, providing creators effectively mark-to-market expenses in real-time against their incomes.
For some reason, I can't see Andrew going to an accountant often. I know he should and probably does with the amount of equipment he buys.
I wouldn't be shocked if he takes the standard deduction, and pays full tax on all his income. I am constantly shocked how bad some people are about doing the business end of their business. They are good at what they do, but feel overwhelmed in the paperwork and tax department.
I only say this because he never has any workers employed under him. It's a clue he just dosen't like to deal with all extra time and burden that brings.
I have no idea what New York State and his local tax obligations are, but where I live, the write-offs would be one time, and then you'd be paying tax to the county on the equipment as assets. You would pay the county tax every year, and the depreciation would never reach zero, so there is a local tax burden until the equipment is sold or transferred out of the business. This is why so many local businesses (like machine shops) lease their equipment. The lease is a cost and deductible and the equipment is never an asset of the business. As an example, I had a computer listed as a piece of business equipment. Five years later, I was still paying the county $40 a year for an out-of-date computer that was a "business asset."If it is on YouTube or part of Andrew's maintenance company, it is a legitimate 179 write-off. Andrew has got a huge channel with an estimated annual income between $500K and $1.1M. When your income blows up like that, you're most likely taking the total cost of acquiring, owning, and operating your equipment as a write-off in one year. For example, the Cat off-road truck was what, $20ishK, the Volvo something like $35K, and the Bell truck is likely north of $90K, the rock crusher is likely $150K, and so on, take all those expenses, sum them and write them directly off of his YouTube income for taxes and this even as he is using all of this stuff, for what appears to be improvements on his personal property (that can also be expensed).
I do this with my YouTube stuff except my income from YouTube is negligible, so I deduct the 179 expenses I accrue over multiple years, and I haven't even started deducting some items. Regardless, YouTube makes it possible to write off everything in front of, as well as behind the camera, providing creators effectively mark-to-market expenses in real-time against their incomes.
That looks like a nice Christmas toy.just bought third articulated dump truck after admitting he bought cheapest auction dumps last time, and now he has one where everything
works.
I have no idea what New York State and his local tax obligations are, but where I live, the write-offs would be one time, and then you'd be paying tax to the county on the equipment as assets. You would pay the county tax every year, and the depreciation would never reach zero, so there is a local tax burden until the equipment is sold or transferred out of the business. This is why so many local businesses (like machine shops) lease their equipment. The lease is a cost and deductible and the equipment is never an asset of the business. As an example, I had a computer listed as a piece of business equipment. Five years later, I was still paying the county $40 a year for an out-of-date computer that was a "business asset."
For some reason, I can't see Andrew going to an accountant often. I know he should and probably does with the amount of equipment he buys.
I wouldn't be shocked if he takes the standard deduction, and pays full tax on all his income. I am constantly shocked how bad some people are about doing the business end of their business. They are good at what they do, but feel overwhelmed in the paperwork and tax department.
I only say this because he never has any workers employed under him. It's a clue he just dosen't like to deal with all extra time and burden that brings.
just bought third articulated dump truck after admitting he bought cheapest auction dumps last time, and now he has one where everything
works.