Village Financial

Village Financial, P.C. - A CPA Firm & financial services company specializing in contract Controller/CFO work, bookkeeping, & tax prep (biz & personal).

[Village Financial @VillageCash]

💯

[Jeff Levine, CPA/PFS, CFP® @CPAPlanner]

If I see one more post or article about a "loophole" in the tax code that "allows you to save tens of thousands of dollars on your tax bill," that ends up being about Bonus Depreciation or a Section 179 Deduction, I am going to absolutely lose my mind.

Now, don't get me wrong; for the right business owner in the right situation, these accelerated depreciation methods are pretty awesome. And it's entirely true that, compared to regular straight-line depreciation, electing to use Bonus depreciation and/or a Section 179 Deduction can lower your taxes in a meaningful way. But...

First of all, these aren't loopholes. They're straightforward applications of the tax code being used exactly as intended.

Second, almost none of these posts/articles mention that the increased tax deductions/lower taxes today come, all things equal, at the expense of lower tax deductions/higher taxes in the future. So, in many circumstances, accelerated depreciation is really more a time-value-of-money play than anything (which, of course, has value, but not AS much as getting a tax break that would otherwise never be available).

Third, and most importantly, on their own, accelerated depreciation methods don't allow individuals to "save" anything, because to use them, they require the PURCHASE of a qualifying asset. The cost of buying that asset will exceed any potential tax savings from Bonus Depreciation/179 Deduction.

In the end, accelerated depreciation methods are probably best thought of in a manner similar to that of a sale at the store. If you were planning to buy something already, or were on the fence, then the sale can make now a pretty compelling time to make your purchase. But if you weren't already thinking about the purchase, you probably shouldn't let the fact that it's on sale change your decision. I mean, even if I see cat food on sale for 90% off, I'm not buying it. I don't have a cat.

Thank you for coming to my Ted Talk.

[Village Financial @VillageCash]

Village Financial remote HQ for the next few days.

[Village Financial @VillageCash]

We’re having big year full of unexpected changes, but then again, who isn’t? Life happens to all of us, and sometimes it takes a village to navigate it. Let our ever-growing “Village” be a part of yours in the new year.

Happy Thanksgiving from the Village Financial family. 🦃

[Village Financial @VillageCash]

Hosted some of the incredible team from
The Bridge in OKC last night.

Big things coming from them…

[Village Financial @VillageCash]

So funny. So true. 😂

[Village Financial @VillageCash]

🤓🤘🤓

[Jacob Davis @jacobglen]

When you’re the band’s CPA. 🤘 Thanks for the hospitality, @husbandsOKC! 😘

[Village Financial @VillageCash]

Happy annual tax deadline day for all who celebrate!

[Village Financial @VillageCash]

Happy annual tax deadline day for all who celebrate!

[Village Financial @VillageCash]

Getting older means seeing a long lost friend just once a year when you do his taxes.

[Village Financial @VillageCash]

@rybo18 “See guys, I’m cool. I’m hip…”

[Village Financial @VillageCash]

🤦🏻‍♂️ I bet the IRS loves these Tik Tok “geniuses.”

[Lorilyn Zabransky, CPA, PFS @LoZabransky]

Lord have mercy #TaxTwitter

[Jacob Davis @jacobglen]

When the Cowboys season disappointingly ends and turns immediately into 3 months of tax season. 😢🏈🤠

[Village Financial @VillageCash]

Pre-tax season holiday in Costa Rica. 🇨🇷

[Village Financial @VillageCash]

👀

[Ashley Schapitl @AshleySchapitl]

The news you’ve all been waiting for: the omnibus shuts down a major tax shelter—abuse of syndicated conservation easements.

Senators Wyden, Grassley, Daines, and Stabenow have been pushing for this for years.

[Village Financial @VillageCash]

#accountingjokes

https://t.co/HFjYDhcqNb

[Village Financial @VillageCash]

New office decor for my 40th bday courtesy of Cousin Will.

[Village Financial @VillageCash]

Always a pleasure visiting one of my favorite clients, High Five Media, this time in their brand new location. Check out the arched ceiling mural. Incredible. (Cc: @rybo18)

[Village Financial @VillageCash]

Welcome @rybo18! 👏 We are very glad to have you on board.

[Village Financial @VillageCash]

Proud to introduce the newest addition to the Village Financial CPA firm. Meet Ryan Ripperton, CPA and new Firm Manager at VF. Rip has spent time at Chesapeake, Tapstone Energy, & Mach Resources, as well as a lot of time on the pickup bball courts with @jedlyjoe13 & myself.

[Village Financial @VillageCash]

“No Sicilian can ever refuse a request on his [cousin’s] wedding day.” @Jedlyjoe13 @jacobglen