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  #11  
Old 10-02-2001, 01:18 PM
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gusbuster gusbuster is online now
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Join Date: Mar 2000
Location: Sunny Northern California, San Francisco Bay Area
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Sometimes you're going to want to take a full write-off, other times, you're wanting to take it over a couple of years. Get a good accountant. Somebody that you can trust completly. Then between the two of you, figure out what's best for you. At least the first few years.

John
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  #12  
Old 10-06-2001, 10:52 AM
eslawns eslawns is offline
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Join Date: Jun 2000
Location: Portsmouth, VA
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I usually take my loans out for specific pieces of equipment. Why borrow more than I need?

If you don't have a negative cash flow in slow months, you probably shouldn't. Some people do this to help with payroll in the winter. Another way to go would be a line of credit. If you need the cash, it's there.


grassman50:

I recommend that you take a couple of business courses at your local community college, and make an appointment to see a CPA. This may save you some grief if you are ever audited, and a lot of money if you aren't.
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Endless Summer Lawn Care
Portsmouth, VA
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  #13  
Old 10-12-2001, 09:28 PM
crew crew is offline
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Location: St. Paul,MN.
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Simple example:
You sell $40,000 worth of work this year. if you claim no expenses of any kind, you will pay taxes for $40,000 of income.

You sell 40,000 worth of work this year. If you bought $20,000 woth of equpment, you pay taxes on only $20,000 because the $20,000 in equipment is part of what it cost you to sell $40,000 worth of buisness.

i suspect you are not paying your taxes or you would khave some incling of what expenses are. eslawns is right - take a class,or raed a book or get an accountant and go legit!
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  #14  
Old 10-12-2001, 09:36 PM
John Allin John Allin is offline
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Location: Erie, PA
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If you buy $20k of equipment, you can't write off $20k in the same year. It'll take a few years to write it all off.

But.... you still should do it to be legit.
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  #15  
Old 10-13-2001, 07:16 PM
crew crew is offline
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I thought 20,000 was the max you could expense in 1 year. ??
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