Do not misunderstand me. Tax deductions are great. I love them. They are also often times misunderstood and thought of as a dollar for dollar savings on your taxes. How many times were you more excited about spending some money when you found out it is tax deductible? I know I have gotten excited many times about it. The problem is you have to spend more to save more. So you better make sure to buy something needed and not wanted. It is best to not fall into the tax deduction trap altogether. Let me explain.
Controlling what you spend will produce your biggest savings in life and business. In other words, your daily habits determine your destination. Deductions are the opposite. To save more, you have to spend more. If you struggle with controlling your spending, reach out to us for help.
I will leave you with this Proverb: “The simple believe anything, but the prudent give thought to their steps”.