equipment depreciation

Discussion in 'Business Operations' started by lsu03, Feb 20, 2008.

  1. lsu03

    lsu03 LawnSite Senior Member
    Posts: 370

    how do you figure this out and is there much depreciation if only a few accounts are mowed?
  2. DA Quality Lawn & YS

    DA Quality Lawn & YS LawnSite Fanatic
    Posts: 8,898

    I use TurboTax for for my biz taxes and let it give me options for depreciating equipment. You can do straight line depr. over a set number of years or take all up front 1st year (I believe this is called a Sec 177 or some number like that). Depends on if you need the extra write off in the current year or want some for future years. However, I do not know the long hand rules for depreciation, I let TurboTax help me.
  3. newtostone

    newtostone LawnSite Senior Member
    from NY
    Posts: 681

    pretty sure its 5 years on trucks and mowers, 7 years on office equipment.
  4. bohiaa

    bohiaa LawnSite Fanatic
    Posts: 5,220

    Play with the numbers....

    If your Ok this year take a small ammount, this leaves a larger sum for later..

    I just got mine back and this is what we did,

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