Section 179 deduction

[YellowDogSVC]

Anyone going to take advantage of the last year (possibly) of the Section 179 deduction? I'm seriously considering making a trade and picking up an attachment or two.

[AWJ Services]

I was set to make a purchase but I decided against it. I will take the tax hit this year as I have no faith in the economy next year. I own everything right now and I feel that it is best to keep my money in the bank and have no payments. It some cases it could be worthwhile if you your net was high enough.

[Duekster]

Is this the last year or the last year with the bigger deduction limits that Bush put in? I have never hit those. I am also wondering about the wisdom of taking a truck all at once and then not having the deduction for the next 4 years.

[Weekend cut easymoney]

I guess it matters most if you have lots of taxable income and don't want to take the tax hit all at once... say 40 or 50 k in profit...
Problem with waiting or stinging it out over several years is the laws could change and rates or deductions could change, the uncertainty is what I don't like... realize savings as soon as you see the or else they might go away
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[Duekster]

There is a good chance many deductions will go away or total deductions are limited.

I think you hit the nail on the head... so many things have been tweaked, or extended and now they are all set to expire. It is hard to make decisions.

I think everyone just wants to know the rules.

[Weekend cut easymoney]

Problem being; most guys don't know where they stand until after the accountant work s over the taxes... that may happen in January, after its too late...
I don't want to buy a truck I don't need or cannot afford otherwise...
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[Duekster]

Originally Posted by Weekend cut easymoney

Problem being; most guys don't know where they stand until after the accountant work s over the taxes... that may happen in January, after its too late...
I don't want to buy a truck I don't need or cannot afford otherwise...
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Well, I use QuickBooks so I know where I am all the time. I do not use an Accountant any more. Over the years I have learned a whole lot and I am no longer a partnership so I do not have to file the 1065 K-1 form.

[Weekend cut easymoney]

I use QuickBooks also, makes it so easy to download bank statements and credit card charges...I try and reconcile the books each month but get behind in October . I like to match statements with what is in QuickBooks...I really need a bookkeeper so I can be out selling or working... like you, I've gotten really efficient at it and pains me to see anyone else monkeying around with it taking twice the time I do...
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[Duekster]

Originally Posted by Weekend cut easymoney

I use QuickBooks also, makes it so easy to download bank statements and credit card charges...I try and reconcile the books each month but get behind in October . I like to match statements with what is in QuickBooks...I really need a bookkeeper so I can be out selling or working... like you, I've gotten really efficient at it and pains me to see anyone else monkeying around with it taking twice the time I do...
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Not to hi-jack the thread but I can reconcile two CC statements, one bank statement and savings account in less than an hour. Trick is down loading and matching almost daily. Many times I can go to the account, hide anything not in the statement period and hit check all and I am done.

I have many of the items mapped to Turbo Tax too. I need to do a little research about mapping vehicle expenses separately so I do not have to manually adjust as much.

Now moving back to this topic, I am thinking that if I took mileage ( which you can not do if you depreciate) that I would be much better off in the long run. So I am thinking 179 and deprecation is bad if you are going to keep a truck longer than 5 years.

Yellow Dog is talking skid steers or something so I am sure he has to depreciate those.

[Weekend cut easymoney]

My accountant want s us to personally buy equipment and lease it....back to company ...I am concerned about the hassle factor
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