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Discussion in 'Business Operations' started by lsu03, Feb 20, 2008.
how do you figure this out and is there much depreciation if only a few accounts are mowed?
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.
pretty sure its 5 years on trucks and mowers, 7 years on office equipment.
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,