Virginia equipment ownership ???

Discussion in 'Business Operations' started by Green Pastures, Aug 30, 2002.

  1. Green Pastures

    Green Pastures LawnSite Silver Member
    Messages: 2,457

    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.

  2. Mowin4cash

    Mowin4cash LawnSite Member
    Messages: 160

    I got one word to say............INCORPORATE. You will pay the property taxes wether you're incorporated or not though.
  3. wojo23323

    wojo23323 LawnSite Senior Member
    Messages: 608

    I pay business property tax on everything that I use for my business and I also deduct every little thing that I buy for my business. The business property tax is also a deduction on your schedule C.

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