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Ramsey Everyday Millionaires

Can I Use the Cash I Saved for Taxes On A Purchase I Can Write Off?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.63.6K Ratings

🗓️ 5 September 2025

⏱️ 5 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

This episode is brought to you by SmartVester.

0:08.0

Connect with an investing pro near you at ramsysolutions.com slash smartvester.

0:14.1

Roberto is up next in St. Louis.

0:16.8

Roberto, how can we help?

0:18.3

So thanks for taking my call.

0:19.9

Sure.

0:20.5

So I get a quick question.

0:22.3

I've been running a small business for the past 20-plus years, and I've done pretty well.

0:28.1

And so what's going on is I've landed a couple of contracts with some school districts in my area.

0:33.3

And I'm receiving a check here in the next month or so for about $45,000 or so.

0:40.0

And so I contacted my tax lady, and I asked her what I should do with my taxes,

0:46.7

whether I should go ahead and pay them quarterly or if I should send them aside to pay at the end of the year.

0:51.6

So with doing that, knowing that my taxes are going to be roughly $13,000 to $15,000,

0:56.5

my question to her was, can I take that money and have my business buy a pretty much a company

1:03.9

vehicle, or should I just go ahead and set that money aside, pay for the taxes, and just let it,

1:10.5

write it a quarterly check, dude. Me too. What did she say? She said that she would have to look into it, what would be the best and my best interest. All right. Well, that's surprising because most tax people go for the, yeah, just go spend it. And it doesn't sound to me and anything you laid out to John

1:29.0

and I right there that you need a truck. It's one of the things that sometimes I do. Just, you know,

1:34.9

haul equipment, haul ladders. But you're not going to skirt around the end of your tax bill.

1:39.4

That's exactly right. It's a false choice when people say, well, I'm going to go create another expense in order

1:46.4

to lessen my taxes. If I was running a small business like you and I got this 45, I do exactly what

1:51.8

John said. I'd go ahead and pay the quarterly estimate. And that way I'm staying on top of things

1:57.3

and I'm not, you know, messing around the IRS. So no, I would not go buy something.

...

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