New Business with tax questions
This year I deceided to start a lawn business to supplement my family income. Myself and my wife work full time. I haven't cut much grass but worked full time. I estimate that by the end of the year i will have paid 8k in fed taxes and expect a tax refund of around 4k due to having a child at home.(for the past few year we got about 4k back) But this year I have invested a few thousand dollars between edgers, blowers, 2 trailers, trimmers and mowers. I understand that this stuff can be written off on my taxes due to it being business equipment. how can i figure how much of this stuff can be written off and to what amount. i bought a three thousand dollar mower...can i take that off my taxes and get it back as a refund or how does it work.