Going Shopping Tomorrow!!!

Discussion in 'Lawn Mowing' started by Simone Lawn Service, Oct 1, 2003.

  1. Simone Lawn Service

    Simone Lawn Service LawnSite Member
    Messages: 158

    Someone bought my lawn equipment tonight. Lock, stock, and barrel! He made me a really good offer, and I'd been wishing I could just sell it all as a package and buy new. Well, I did keep my new Toro Proline and my hedge trimmers. Tomorrow I am going shopping! And you thought your wives could spend money!
    New trailer, blower, trimmer, and the Holy Grail of lawn mowers...04' LAZER Z 27HP 60"!!! Too bad I only have another 4-6 weeks of mowing left-Oh well!!!:D :D :D
  2. Rustic Goat

    Rustic Goat LawnSite Bronze Member
    Messages: 1,194

    Well you're going to feel like Christmas came early with all the shopping for new equipment that'll be setting in your shop for the winter.
  3. pinnacle

    pinnacle LawnSite Senior Member
    Messages: 791

    Simone lawn care: So ya ditched the SS ay??

    I am so happy for you as I know you have been having a few Issues with the Surfer latley.............. The Lazer should do a daam fine job for ya.

    I have never been "Shoping" like that before, I always buy my gear one tool/mower at a time.

    Have fun mate!!!..............Good luck too.
  4. GarPA

    GarPA LawnSite Silver Member
    from PA
    Messages: 2,585

    and you can claim the entire cost of the equipment for this years taxes if you want to. I forget what the cap is for expensing new equip but its pretty generous(35k?? maybe?) with the tax changes to encourage small businesses to purchase equip and not have to wait to depreciate it
  5. heybruck34

    heybruck34 LawnSite Senior Member
    Messages: 300

    Expensing election is $25,000 to the extent you have income. In other words- you cannot elect to expense equipment purchases (fixed assets) unless you have income to cover. This means 10K of income- you can expense 10K of your purchases to net you to zero. This is an ELECTION you must make on your 03 tax return or you will take the Basis Reduction described next.

    You also have the option of a 50% basis reduction immediately and, depending on the equipment, normal depreciation of the remaining 50% basis. This means you buy 10K of equipment, take $5,000 right now as a deduction, add an additional 20% if it is 5 year property, and you end up with $7K deduction in the first year. This CAN generate a tax loss for you which is nice.

    Assuming your accountant is up on the latest tax laws (Job Creation and Worker Assistance Act I think) signed by Pres. Bush, he should be able to explain which fits your situation the best.

    Let me know if you have any more questions.
  6. kevincook

    kevincook LawnSite Member
    from ny
    Messages: 12

    The Section 179 Expense deduction increased to $100,000 this year as part of the "The Jobs and Growth Tax Relief Reconciliation Act of 2003".

    Everything just went on sale!
  7. GarPA

    GarPA LawnSite Silver Member
    from PA
    Messages: 2,585

    I thought I read/head that they increased it big time for 2003....time to go boost the economy!!
  8. TRex

    TRex LawnSite Senior Member
    from DFW ,TX
    Messages: 487

    Well if you are going to the store can you pick me up a few things. LOL
  9. heybruck34

    heybruck34 LawnSite Senior Member
    Messages: 300

    they are correct. My reference book is a little dated. Woops.
  10. dvmcmrhp52

    dvmcmrhp52 LawnSite Platinum Member
    from Pa.
    Messages: 4,205

    Enjoy yourself!
    Spend wisely though.
    Merry Christmas!:p

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