Tax help?

[Lamonicaslawnservice]

Anyone know anything about taxes? Should I claim my equipment if I bought my toro zero turn and trimmers and edgers and pretty much all my equipment in march if im going down in two days to get my license? I'm new to this so im not sure how it works? Thanks guys

[TSG]

Anyone know anything about taxes? Should I claim my equipment if I bought my toro zero turn and trimmers and edgers and pretty much all my equipment in march if im going down in two days to get my license? I'm new to this so im not sure how it works? Thanks guys

Talk to an accountant
You need to know how to depreciate it.
I would accelerate the depreciation and take it against
any other ordinary income.
You may find you get 30% of the purchase prise back.
Also, since most lco's are not in business in 3 yrs. So
it is better than taking depreciation annually.
Every case is different,,,,talk to a pro

just .02

[DLAWNS]

I would ask people that you know for the name of a good accountant. Like TSG said that is very important because everyones taxes are different.

[bohiaa]

Dont take advice like that from here..........

I can just hear you saying, to the tax man...

"Well this guy on the internet said that was a deduction"

[echeandia]

Accountants know a lot about taxes and how they apply to each individuals situation. It is money well spent.

[lawnpro724]

My accountant advises me to do this. 1st get some kind of accounting software like Quickbooks Pro to track your business. 2nd log all business expenses into your accounting program like gas, oil, blades, belts and small equipment purchases. 3rd on large equipment purchases say over $1,000.00 and up depreciate over 3yrs or longer your accountant will do this for you. My accountant also handles my payroll bookwork once a month while I handle the week to week check writing.

[Lamonicaslawnservice]

Thanks for the advice everyone

[shade tree landscaping]

Why depreciate overs three years, and not just get it back all in the first year? I am asking b/c last year was my first year in business for myself and had to make a few large pucheses

[Exact Rototilling]

I don't have an accountant but I do my taxes with Turbo Tax Home & Business. The one that has the Schedule C on it. There are many clues in the interview process that will answer some of your questions.

I've also called the IRS on this very issue and the answer created more confusion than real answers. ;)

[TSG]

I am a fan of accelerating depreciation. You never know when
the tax law will change and I like playing the rules I know.
It also depend on weather is is your only job or second job.
If second job, accelerating may make more sense,,but talk to a good acct.
Just .02