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  • What Deductions & Depreciation?

    Any tips for deductions & depreciation?

    Thanks.

  • #2
    Re: What Deductions & Depreciation?

    C'mon Bob....... what's with all the questions lately.............

    Comment


    • #3
      Re: What Deductions & Depreciation?

      Stop working let obuma take care of you

      Comment


      • #4
        Re: What Deductions & Depreciation?

        Originally posted by AssTyme View Post
        C'mon Bob....... what's with all the questions lately.............
        Just dumb as wood trying to learn from you all.

        Comment


        • #5
          Re: What Deductions & Depreciation?

          buy it before 12/31 and let your accountant figure out if it's better to write off the entire purchase at once or to depreciate it over 7 years i believe.

          this applies to large purchases.

          rick.
          phoebe it is

          Comment


          • #6
            Re: What Deductions & Depreciation?

            If your making payment on some thing, most of the time is is better to deprecate it as to match the payments, thus the deprecation will off set the payment, as if you take a 100% deduction on some item that is big and your making payments on it the payment next year can not be deducted from the taxes payed, but there are rules on the things you can and can not deduct fully, or deprecate, your accountant is usually qualified to figure it out,

            depending on income and things purchased and if your looking at buying supplies or tools and equipment, going in for a pre tax evaluation could be help full,

            you will get an idea where your tax liability will be, and if say you want that new camera or machine, would it make sense to buy it now and take it off this years taxes, or wait until January for buying it and put it on next years taxes,

            same thing with supplies, say another $ 3000 in deduction could change the tax rate and save you a lot on taxes, you may consider buying some suppose that you know you will be needed in the coming year, drain cables, fittings and consumables, what ever you use,

            but normally with out a pre end of year tax consulate you will not know, until it is to late,

            I have seen some businesses and farms that they had a choice, buy a new truck or piece of equipment, or give that money to the government in taxes, (they may not have felt like they could really afford the purchase of it, but felt it was better getting some thing that would help them in there business, than just loose the money to the feds, the money was going one way or the other),

            (one other thing, they are talking about limiting deductions, in the future, may be good idea to see where you set and what you can do this year, and not put it off for next), (remember there not going to raise taxes on the middle class)
            Last edited by BHD; 12-04-2012, 12:19 PM.
            Push sticks/blocks Save Fingers
            ~~~~~~~~~~~~~~~~~~~
            "The true measure of a man is how he treats someone who can do him absolutely no good."
            attributed to Samuel Johnson
            ~~~~~~~~~~~~~~~~~~~
            PUBLIC NOTICE: Due to recent budget cuts, the rising cost of electricity, gas, and oil...plus the current state of the economy............the light at the end of the tunnel, has been turned off.

            Comment


            • #7
              Re: What Deductions & Depreciation?

              On my tax form where they ask "occupation"
              I put "individual not for profit"

              Cactus Man

              Comment


              • #8
                Re: What Deductions & Depreciation?

                What is the best option for deduction?
                appliance repair san diego
                refrigerator repair san diego

                Comment


                • #9
                  Re: What Deductions & Depreciation?

                  the way the current tax laws are written,
                  a deduction is an expense that is used for business, ( business keep track of what is spent on products and supples and other expenses and in a form on the taxes you list that, and that goes against your income,
                  or one of the other areas that the IRS has said that is deductible, like some medical expenses and charitable giving, or similar,

                  IF your just an employee there is not many areas one can usually deduct, there are some but one needs to be wise in listing and claiming or you may get an audit,

                  you need to talk to a tax person, to get the low down on your situation,
                  Push sticks/blocks Save Fingers
                  ~~~~~~~~~~~~~~~~~~~
                  "The true measure of a man is how he treats someone who can do him absolutely no good."
                  attributed to Samuel Johnson
                  ~~~~~~~~~~~~~~~~~~~
                  PUBLIC NOTICE: Due to recent budget cuts, the rising cost of electricity, gas, and oil...plus the current state of the economy............the light at the end of the tunnel, has been turned off.

                  Comment


                  • #10
                    Re: What Deductions & Depreciation?

                    http://www.irs.gov/pub/irs-pdf/p535.pdf

                    http://www.irs.gov/pub/irs-pdf/p587.pdf
                    Buy cheap, buy twice.

                    Comment


                    • #11
                      Re: What Deductions & Depreciation?

                      say you bought a new laptop and printer for your business the first year you can claim them
                      but if you buy screen wipes, cleaning solutions, blank media, paper products, ink and other office supplies. these items are consumables and as long as you are filing long form they are deductible business expenses.
                      if you are making loan payments the interest you pay is also deductible.
                      the key to this is keeping and organizing all receipts.
                      no doubt as a business you have a tax stamp. and are paying quarterly taxes. accurate expense reports are a must.
                      shooting the s*** is a lot more fun when you use hollow points (much more splatter)

                      coffee hell gimme booze!!!

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