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  #1  
Old 03-12-2001, 05:58 PM
ShortCuts ShortCuts is offline
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Join Date: Aug 2000
Location: Maine
Posts: 38
I recently took over the lawn company that I have worked for, for the last 4 years we have already dumped $$$,$$$ into the new business, so far this is what we've picked up:

1 2001 ford F350 4x4 v10 w/ dumping 12' stake body
2 26 hp Walker EFI's
1 exmark turf tracer w/ECS
2 echo 2601's
1 redmax eb6200
1 16hp Billy goat
1 16' Mason Landscape trailer

I am just curious how I would go about writing all these new items off? Are the walkers a 5 year write off? I have a feelng that i'm gonna be visiting the H&R Block guys next winter.I'm just trying to get a feel for things. Thanks in advance!
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  #2  
Old 03-12-2001, 06:05 PM
joshua joshua is offline
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Join Date: Feb 2001
Location: northeast ohio
Posts: 1,204
thats alot of new toys, sounds like it would be fun. personly i would give everything to who does your taxes, some could be a 2 year write off others just one.
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  #3  
Old 03-12-2001, 07:06 PM
John Allin John Allin is offline
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Join Date: Sep 2000
Location: Erie, PA
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And, skip the H&R Block dudes....
Get an accountant that will learn what you do and advise you on related financials.
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  #4  
Old 03-12-2001, 08:39 PM
OBRYANMAINT OBRYANMAINT is offline
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Join Date: Dec 1999
Location: northeast ,ohio
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agree big time with john....get one and then keep him
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  #5  
Old 03-14-2001, 11:41 PM
4 Saisons 4 Saisons is offline
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Join Date: Dec 2000
Location: Sherbrooke, Quebec (French province of the canada)
Posts: 216
H&R blocks are the Wal Mart of tax report.

you need a professionnel and personal service.
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  #6  
Old 03-15-2001, 10:13 AM
Kent Lawns Kent Lawns is offline
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Join Date: Jan 2000
Location: Midwest
Posts: 870
No less than 5 years on any road vehicle under any circumstances. (Most are 7 years)

Equipment can be written off IN FULL up to $17,500.00 anually (IRS Section 179)

But certianly go to a CPA who can handle this for you.

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  #7  
Old 03-15-2001, 06:43 PM
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bob bob is offline
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Join Date: Dec 1999
Location: DE
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Get a real CPA. That H&R Block guys not going to be around in August , when you have another tax question.
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  #8  
Old 03-15-2001, 08:42 PM
kutnkev kutnkev is offline
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Join Date: Jun 2000
Location: temple hills,maryland
Posts: 44
write off q's

before you spend any money now or later, call your local office of the small business admin. and speak to the S.C.O.R.E. advisor. and sign up for the seminars they offer. you will save yourself alot of money and headaches. also do a search and you will find more awwers on tis topic.

hope this helps..... kevin
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  #9  
Old 03-15-2001, 09:30 PM
thelawnguy thelawnguy is offline
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Join Date: Dec 1999
Location: Central CT
Posts: 2,412
Quote:
Originally posted by Kent Lawns
Equipment can be written off IN FULL up to $17,500.00 anually (IRS Section 179)
For 2000 tax year the limit has increased to 20,000. It generally goes up a token amount each year.
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  #10  
Old 03-16-2001, 04:48 PM
Greenkeepers Greenkeepers is offline
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Join Date: Dec 1999
Location: NE Ohio
Posts: 695
OK the first thing that you need to do is forget about the HR Block guys..

Your equipment can be DEPRECIATED over 5 years for the bigger equipment. I would take 3 years on the smaller trimmers and blowers.

The 3 year depreciation is going to accelerate your depreciation expense which will lower your net income.. Now the section 179 expense that everyone was talking about is $20000 for year ended 2000 and $24000 for 2001... You can only use section 179 for propety that you purchased in that year and it can only be used for the amount of income that you have and can't create a loss.

Hope this helps please email me if you have any other questions.
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