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Old 03-13-2014, 05:11 PM
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Join Date: Dec 2009
Location: Northern NJ
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Quote:
Originally Posted by JContracting View Post

My accountant advised to do as much depreciating as possible this year so that's what we did to reduce the net. If you were to save up say $5000 for a down payment on whichever truck you buy, that'd certainly help in the effort to get a loan.
Keep in mind that there is no guarantee the IRS is going to continue with the accelerated depreciation (Section 179) for 2014. I sure hope they do but who knows. Also, when you accelerate the depreciation to get your net closer to zero the banks should be adding the depreciation back in and not count that against you.
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