Key Takeaway
You don't have to choose between your financial goals. Start by taking advantage of available employer benefits, then balance your remaining savings between short-term priorities and long-term financial growth. Keep money needed in the near term in an appropriate low-risk option, and consider the tax implications before using long-term savings.
It’s best to plan your tax strategy even before purchasing a boat by deciding on how to handle the sales tax on this high-end purchase. Some states have yearly property taxes on boats that may be more costly than sales and use taxes over the years. You need to think about:
- Business Commuting deduction
- Can you take a primary or secondary home deduction?
- Should You Put Your Boat in an LLC?
- 179 deduction
- Should you consider an offshore closing at purchase?
Our thoughtful expertise can guide you through the murky waters of tax planning. We welcome you to take advantage of a free discovery session by visiting New Client Application or https://calendly.com/d/46r-49m-93k/10-minute-intro-call.
