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  #11  
Old 02-20-2010, 01:24 AM
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Flatop Flatop is offline
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Location: San Antonio, TX
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Quote:
Originally Posted by xclusive View Post
Definitely go see a CPA, but for the most part any expenses related to your business is deductible. I also know that if you buy a vehicle in NJ that has a higher gvwr than your typical half ton like a 13000gvwr then you can get a bigger deduction at least in NJ. Like 360 said keep all your receipts for 3 years incase you ever get audited by the IRS.
I agree whole heartly on getting a CPA. They are worth the money.
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Old 02-22-2010, 10:09 AM
richonsa richonsa is offline
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As a CPA, I will add that the services a CPA provides is invaluable. The tax code isn't something you just deal with by going to the IRS website once a year. A CPA can help you determine the right structure, entity selection, asset depreciation (you can section 179 stuff first year, of if it is brand new stuff you can sec 179 or get special depreciation, which is half of asset value in first year) expensing methods, etc etc. I've seen erroneous information in this thread alone, not to mention the rest of the threads on this site. It is well worth the money, so go to or call your local Chamber and ask about a good CPA who deals with small business. Many CPA firms focus on bigger business, to include audits, reviews, etc. They will fit you in, but they will charge you a premium and some bookkeeper/first year accountant will do all of the prep. Find a sole practitioner who has good references. You won't be sorry. It will pay dividends going forward.
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