Deductions

Discussion in 'Business Operations' started by Turtle II, Dec 12, 2002.

  1. Turtle II

    Turtle II LawnSite Member
    Posts: 152

    Is all business insurance 100% deductable from your gross income for tax purposes???

    Also,

    Are loan payments on large equipment 100% deductable???




    Hope everyone is well & getting ready for a great holiday season! :cool:
     
  2. bubble boy

    bubble boy LawnSite Bronze Member
    Posts: 1,020

    insurance deduct the amout you use that fiscal yr.

    loan is a liability the deduction is the asset depreciation...if i lost you you will need some help.
     
  3. Turtle II

    Turtle II LawnSite Member
    Posts: 152

    Bubbleboy,

    You lost me---kinda,,,,,

    I am going to get an accountant, I am just trying to get a ruff idea of what the accountant should be doing for me......

    Thanks,
     
  4. bubble boy

    bubble boy LawnSite Bronze Member
    Posts: 1,020

    yeah, the accountant can take care of the depreciation and interest deductions at year end.

    and you can be shown how to handle the loan payments...
     

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