I got a new truck over the weekend. $60,000 MSRP.

Got it for free.

Learned a few things, wanted to pass them on...
First, it’s a pickup truck. November is a PERFECT time of year to get a truck. I got over 20% off MSRP ($14K) with incentives and negotiating.

If you’re in the market for a Tahoe or Yukon, consider the truck version (Silverado or Sierra). Same thing basically but 15-20K less.
So now we’re at about 46K for the truck.

Hack off another 10-37% off the price, depending on your tax bracket using Section 179 of the tax code.

This one is for business owners only.

You can buy a truck/SUV and deduct the entire value from your taxes in year 1.
I put the truck under my business - and I have to use it 100% for my business between now and the end of the year.

After that, I deduct the full value from my 2020 taxes, and can begin using it for personal reasons.

So I save the money I would have paid in taxes otherwise
I’m not telling you my tax bracket but let’s just say it’s another 10K knocked off the price of the truck.

Now we’re down to 34K for the truck.
The rest, I pay with credit card points, converted to cash.

Two gold AMEX cards plus a platinum Schwab card gets really good earnings for me this year and more than pays for the remaining balance.

For reference I probably have 2M+ in business spend this year through them.
Remember: credit card points redeemed as cash are TAX FREE.

TAX FREEEEE cash money
Boom. Free truck.
That’s it. I hope it’s helpful.

Save your tweets about me not paying my taxes or me being rich or something like that.

Neither are true and I’m just trying to pass on something cool I learned!
Addendum: Tax twitter found this thread and found an error in my CPA's plan.

I'll need to keep the truck as 50% business use or more in future years to not get penalized. No big deal, I'll just need to make sure to stay above that 50% mark.

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More from @soundslikecanoe

20 Mar
To any of my DTC friends that may be struggling to determine what's up from down.

I have no answers, but I do have a few thoughts.

We went from a monthly revenue LOW last week (Mar 11) to a monthly HIGH today. I'm riding the roller coaster with you, but I have a lot of hope.
After the "low," it took me roughly 5 days to get my bearings and figure out what the heck is going on.

On Monday, I wised up to the new reality we're living in. I advised my team to throw all previous rules and targets out the window. dropbox.com/s/yqw7vdwpqf9m…
We scrambled a bit, threw this promotion together and launched it on Wednesday.

Early result were good, but it didn't have legs. Plus, even though I was proud of the cleverness, it felt so dirty to offer such a steep discount.
Read 9 tweets
22 Oct 19
My last product has officially sold out on Amazon, and I will not be restocking.

Short Amazon-bashing thread ahead 👇
This is a product I launched about 2 years ago. It has sold extremely well on Amazon. It's a shaving bowl.

It's not an earth shattering invention, but it was the first of its kind, and I'm proud of it.
Shaving bowls are simple. You put shaving cream in them - and "whip" up a lather with your shaving brush. Like this:
Read 10 tweets
19 Sep 19
Clearbanc, Shopify, and Stripe have all launched their own version of the same type of loan.

The loans seem sexy and cheap, but they're definitely not. They're borderline predatory.

Let's take a look at why 👇

Each program works the exact same way. You take out a loan - and return the loan as a percentage of your sales each day.

So, in this example from Shopify, if I make $10K a day in sales, I'll send $1700 daily (17%) to Shopify until I pay off the loan.

The benefits for the merchant:

"No interest!"

"No paperwork!"

"Easy funding!"

Unfortunately, that's where the fun ends.

Read 20 tweets

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