Deductions

[Turtle II]

Is all business insurance 100% deductable from your gross income for tax purposes???

Also,

Are loan payments on large equipment 100% deductable???




Hope everyone is well & getting ready for a great holiday season! :cool:

[bubble boy]

insurance deduct the amout you use that fiscal yr.

loan is a liability the deduction is the asset depreciation...if i lost you you will need some help.

[Turtle II]

Bubbleboy,

You lost me---kinda,,,,,

I am going to get an accountant, I am just trying to get a ruff idea of what the accountant should be doing for me......

Thanks,

[bubble boy]

yeah, the accountant can take care of the depreciation and interest deductions at year end.

and you can be shown how to handle the loan payments...