- Joined
- Aug 8, 2018
- Messages
- 413
- Reaction score
- 216
- Location
- California
- My Car
- 72 Sportsroof - 351C-4V, Fitech EFI, T56 Magnum 6 Speed
As funny as it is, really would love to see an actual good deal on these things.
Well, you may think a penny saved is a penny earned, but it is actually more than that. The way I look at non-business (not tax deductible) expenses is a bit unusual, to say the least, but it makes sense to me. Between my IRS and NY state income tax rates (progressive tax rates, I assume the highest rates for ourselves 37.0% & 10.9% for IRS/NYS), for a total income tac burden of 47.9%. I then divide the "net" amount in question (a penny in this case) to determine the gross amount I had to generate to get that net amount. I also, for the sake of simplicity, round the 47.9% off to 50%, which helps adjust for NY state sales tax as well (a little bit).A penny saved is a penny earned
Well, you may think a penny saved is a penny earned, but it is actually more than that. The way I look at non-business (not tax deductible) expenses is a bit unusual, to say the least, but it makes sense to me. Between my IRS and NY state income tax rates (progressive tax rates, I assume the highest rates for ourselves 37.0% & 10.9% for IRS/NYS), for a total income tac burden of 47.9%. I then divide the "net" amount in question (a penny in this case) to determine the gross amount I had to generate to get that net amount. I also, for the sake of simplicity, round the 47.9% off to 50%, which helps adjust for NY state sales tax as well (a little bit).
So, for me a penny saved is actually equivalent two pennies earned. And the nearly $90,000 paid for our 2020 Shelby GT500 actually took close to $200,000 in earnings to pay for - when adjusted for income taxes and the sales tax amount.
It is a shame I was retired when we purchased the 2020 Shelby. I would have otherwise taken a significant tax deduction for it as being part of the equipment I "needed" to design custom diagnostic (acoustical problem related) parts for. heh heh... Just how I view things, which tends to keep me out of trouble re: blowing up budgets.
I guess this is your 2cents,Well, you may think a penny saved is a penny earned, but it is actually more than that. The way I look at non-business (not tax deductible) expenses is a bit unusual, to say the least, but it makes sense to me. Between my IRS and NY state income tax rates (progressive tax rates, I assume the highest rates for ourselves 37.0% & 10.9% for IRS/NYS), for a total income tac burden of 47.9%. I then divide the "net" amount in question (a penny in this case) to determine the gross amount I had to generate to get that net amount. I also, for the sake of simplicity, round the 47.9% off to 50%, which helps adjust for NY state sales tax as well (a little bit).
So, for me a penny saved is actually equivalent two pennies earned. And the nearly $90,000 paid for our 2020 Shelby GT500 actually took close to $200,000 in earnings to pay for - when adjusted for income taxes and the sales tax amount.
It is a shame I was retired when we purchased the 2020 Shelby. I would have otherwise taken a significant tax deduction for it as being part of the equipment I "needed" to design custom diagnostic (acoustical problem related) parts for. heh heh... Just how I view things, which tends to keep me out of trouble re: blowing up budgets.
I bought my CAA direct because there was no price benefit purchasing elsewhere. I still had to wait 14 weeks for it but it’s a great system. I was hoping buying directly might speed it up but no.
Yeah…I did my entire car build during Covid…..if I recall everyone was out of stock on the AC at the time…..That's precisely why we try to keep things in-stock, on the shelves, so that our customers are not subject to the ebs and flows of a manufacturer's lead-time, which in this post-covid era, can often be many many months of waiting.
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