Comments on: Free Software – “ItsDeductible” – Should You Use It? http://wealthpilgrim.com/its-deductible/ WealthPilgrim.com -No Money Worries. No Matter What. Wed, 23 May 2012 02:40:46 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Tom http://wealthpilgrim.com/its-deductible/#comment-38133 Tom Sat, 07 Apr 2012 19:07:36 +0000 http://wealthpilgrim.com/?p=13757#comment-38133 It's Deductible? Used it for years, great way to org those sheets of 3 shirts, 2 shorts...until this year. Try to create an account, fill in all of it, hit enter, gray screen and lock, 2 hours of aggravation and nada. Out of luck. I don't know what they did this past year, but they ruined It's Deductible. If you're going to use a fire hose, make sure it works when there's a fire. It you can't logon to It's Deductible at tax time, it's broken. It’s Deductible? Used it for years, great way to org those sheets of 3 shirts, 2 shorts…until this year. Try to create an account, fill in all of it, hit enter, gray screen and lock, 2 hours of aggravation and nada. Out of luck. I don’t know what they did this past year, but they ruined It’s Deductible. If you’re going to use a fire hose, make sure it works when there’s a fire. It you can’t logon to It’s Deductible at tax time, it’s broken.

]]> By: Khaleef @ KNS Financial http://wealthpilgrim.com/its-deductible/#comment-4449 Khaleef @ KNS Financial Mon, 12 Apr 2010 14:57:25 +0000 http://wealthpilgrim.com/?p=13757#comment-4449 I talk to people about this topic all the time. It usually comes up when someone who CAN'T afford to purchase a house tries to justify it by saying but it's deductible! This also comes up when someone buys a "toy" just because they can claim it as a business expense. Thanks for this article. Hopefully, there are people reading this who will make more logical decisions now. I definitely think that Wendy made a great point regarding your friend's fear about his discipline to pay off the card. I talk to people about this topic all the time. It usually comes up when someone who CAN’T afford to purchase a house tries to justify it by saying but it’s deductible! This also comes up when someone buys a “toy” just because they can claim it as a business expense.

Thanks for this article. Hopefully, there are people reading this who will make more logical decisions now.

I definitely think that Wendy made a great point regarding your friend’s fear about his discipline to pay off the card.

]]> By: John Scherer http://wealthpilgrim.com/its-deductible/#comment-4289 John Scherer Fri, 02 Apr 2010 18:06:21 +0000 http://wealthpilgrim.com/?p=13757#comment-4289 Sam, remember that on business income self-employment tax equals about 15% of net profits on top of income taxes. So if Tom is in the 25% federal bracket (over $68k taxable income if MFJ), business deductions effectively save 40%, not including state tax savings. Neal, in my practice I try to keep people focused on the AFTER-tax interest that they pay. In Tom's case, his car costs 5.82% after-tax, and the credit card 2.9% after-tax. This might be one of the few cases where it helps to talk in percent, rather than dollars, as the after-tax percent comparison will be apples-to-apples. If that doesn't work, try electroshock therapy :) .-= John Scherer´s last blog ..<a href="http://trinfin.blogspot.com/2010/03/all-serious-money-is-indexed.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+PersonalFinanceForGeniuses+%28Personal+Finance+for+Geniuses*%29" rel="nofollow">All the Serious Money is Indexed</a> =-. Sam, remember that on business income self-employment tax equals about 15% of net profits on top of income taxes. So if Tom is in the 25% federal bracket (over $68k taxable income if MFJ), business deductions effectively save 40%, not including state tax savings.

Neal, in my practice I try to keep people focused on the AFTER-tax interest that they pay. In Tom’s case, his car costs 5.82% after-tax, and the credit card 2.9% after-tax.

This might be one of the few cases where it helps to talk in percent, rather than dollars, as the after-tax percent comparison will be apples-to-apples.

If that doesn’t work, try electroshock therapy :)
.-= John Scherer´s last blog ..All the Serious Money is Indexed =-.

]]> By: Neal@Wealth Pilgrim http://wealthpilgrim.com/its-deductible/#comment-4202 Neal@Wealth Pilgrim Tue, 30 Mar 2010 05:13:21 +0000 http://wealthpilgrim.com/?p=13757#comment-4202 Sam....of course you've made (another) brilliant analysis... The only problem is if I started telling people they should do silly things because they could afford to do dumb things with their money I wouldn't be in business to long.... That's the only problem.... :) Sam….of course you’ve made (another) brilliant analysis…

The only problem is if I started telling people they should do silly things because they could afford to do dumb things with their money I wouldn’t be in business to long….

That’s the only problem…. :)

]]> By: Luba http://wealthpilgrim.com/its-deductible/#comment-4201 Luba Tue, 30 Mar 2010 04:11:03 +0000 http://wealthpilgrim.com/?p=13757#comment-4201 People who won't get rid of their mind blocks can't be helped much. Sorry. :( People who won’t get rid of their mind blocks can’t be helped much. Sorry. :(

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