This is the Ramsey Call of the Day, part of the Ramsey Network.

Today's question comes from Dennis in Washington.

My friend and I started a paint contracting business.

This year, we've already earned $1.4 million with $500,000 as net profit.

We're worried about tax season because we've never experienced financial success like this before.

Our accountant recently told us we need to make some expensive business purchases as write-offs,

and my partner wants to buy a truck for cash.

I really don't want to spend thousands of dollars for potential small tax savings.

What is the real, wise thing to do?

Fire your accountant.

Right now.

It's an idiot.

I'm serious.

Accountants that can't do math should not be employed.

This just pisses me off.

They're saying spend a bunch of money to save a little bit of money.

Well, let me explain to you how this works, okay?

If you go buy a truck, you do not get to write the truck off and save the cost of the truck

and taxes.

Let's say you have a $50,000 tax bill, so you go buy a $50,000 truck.

It does not work that way, honey. Your account is a moron. All right? So what happens when you buy a $50,000 truck is you get to depreciate that truck over three or five years, depending on what type of schedule you put it on. And as you depreciate, let's just say we put it over five years.

So the math is easy on my $50,000.

...