Get Financed Equipment Wrote Off

Discussion in 'Business Operations' started by IBGreen, Dec 26, 2002.

  1. IBGreen

    IBGreen LawnSite Senior Member
    Posts: 726

    Just wondering, can you finance a mower and make payments on it. Then at the end of the year when you still owe on it, take it to you're CPA and get the entire amount that you financed back so you can pay it off? I'm having a meeting with my CPA but I was just wondering because I've never financed any other equipment.
     
  2. John Allin

    John Allin LawnSite Bronze Member
    Posts: 1,489

    :dizzy: :dizzy: :dizzy: :dizzy:

    :confused: :confused: :confused: :confused:

    I really don' t think it works that way........
     
  3. MPhillips

    MPhillips LawnSite Member
    from zone 7
    Posts: 94

    sorry...John's right on that. Ask your accountant to walk you through the write-off process and how it affects tax deductions/tax returns.
     
  4. BOG Lawncare

    BOG Lawncare LawnSite Member
    Posts: 20

    First, if you still owe on the mower a year from the purchase date you are in trouble. You need to pay that stuff off quickly. Put a couple hundred on it each month.

    Secondly, I don't believe it works that way either.
     
  5. TurfPro

    TurfPro LawnSite Member
    Posts: 232

    LOL ! ................... sign me up for one of those free mowers while your at it.
    sorry , I couldn't resist;)
     
  6. IBGreen

    IBGreen LawnSite Senior Member
    Posts: 726

    Well never mind, I was just asking a question and see if I ever make another post on this damn thing
     

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