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Old 12-08-2013, 02:11 PM
georgialawn88 georgialawn88 is offline
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Join Date: Apr 2012
Location: atlanta georgia
Posts: 1,077
twomancrew, lol good stuff
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Old 12-10-2013, 01:40 PM
Turboguy Turboguy is offline
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Join Date: Jun 2003
Location: Beaver Falls PA
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I agree with the others that an accountant would be the best move you can make. As far as sales tax visit your states sales tax website and it should define what is subject to sales tax.

As far as what you can deduct. You equipment is a capital purchase. You don't deduct it you depreciate it. Things like repairs, gas, mileage on your truck, wages, supplies and the like can be deducted. Keep receipts.
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Old 12-10-2013, 01:49 PM
twomancrew twomancrew is offline
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Join Date: Jun 2013
Location: East, IA
Posts: 944
I was going to ask my guy this year about depreciating and how I should use it to my advantage. I know it's in the paperwork, but don't know how it works and that is fine for now. The CL stuff and the new equipment receipts I always take to him where everything else I sum up at home. He gives me a worksheet to help us both speed up the process.

2 years back I sold off a used tractor and attachments and learned about the dirty C word. Capital gains ugh. Last year I took a huge pile of old equipment to the scrap yard instead of selling it on CL. It was so much easier to put it down as misc. income. See, I can be taught!

To the OP- it takes time and I learn more and more every time I sit down with a CPA.
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accounting , finances , taxes

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