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How to write off certian types of equipment

Discussion in 'Business Operations' started by ShortCuts, Mar 12, 2001.

  1. ShortCuts

    ShortCuts LawnSite Member
    from Maine
    Posts: 38

    Thanks for the responses....This is certianly a learning expirence. How much do you guys spend a year on a CPA?
  2. E-man

    E-man LawnSite Member
    from PA
    Posts: 136

    Get publication 946 from the IRS. It lists all the ways to depreciate any kind of equipment. It is updated yearly, but most of the information never changes. It covers everything from 179 Deduction, MACRS, and Listed Property.


  3. eslawns

    eslawns LawnSite Senior Member
    Posts: 712

    Get a CPA who knows something about contractors. They will be familiar with this. Also, at the IRS site you can order a CD from them called the Small business resource guide. Best money you will spend is on a good tax man. What good would it do to make a lot of money, just to let Uncle Sam get it all?
  4. Grateful11

    Grateful11 LawnSite Member
    Posts: 177

    >How much do you guys spend a year on a CPA?

    Right now my business is quite small and my CPA does all my work at Tax time. He does all my tax work for $175. He's worth every penny.

    As far as righting off, he wrote my main mower off in a one year period. Instead of depreciating it out over a period of time.
  5. jeffyr

    jeffyr LawnSite Senior Member
    Posts: 876

    I pay $425 for my biz and family. And I think he is worth every penny of that. It all depends who you are comfortable with. My acct also takes care of investing, life ins, and now mortgages and can advise on all. He is the owner of the corp. so I know he is working hard for me (and year after year the results are there).

  6. dmk395

    dmk395 LawnSite Senior Member
    from Ma
    Posts: 993

    Everyone is telling you the right advice, get a CPA. Also I would look into purchasing the Quickbooks accounting package. This way you will develop some knowledge about accounting and it will be easier for the CPA. First things first though, get the CPA.

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