I'm a newbie...this October will be two years in the biz. All my equipment is in my name personally. I got a bill from the state of Virginia asking me to list all my business assetts, equipment, computers, truck etc.
I'm wondering if it is worthwhile to place the equipment in the business name, pay the taxes on it as "assetts" and get the deduction in depreciation. I'm in the great commonwealth of Virginia, anybody from Virginia want to advise me on this.
TIA
Scott
I'm wondering if it is worthwhile to place the equipment in the business name, pay the taxes on it as "assetts" and get the deduction in depreciation. I'm in the great commonwealth of Virginia, anybody from Virginia want to advise me on this.
TIA
Scott