TAX help? How do I write off equipment and a vehicle purchased in 2010 on my 2011 taxes? We are talking about 15k in mowers, 3k for trailer, 2k in misc tools and 16k for a truck. Do I simply write off my monthly payments on the truck and mowers? What about the tools?
Thanks alot for your help...
No you do not write of the payments. Those are fixed assets which are depreciated. You should get help from an accountant or tax professional.
For the amount of $$s your talking about, I would recommend having a CPA look at your specific situation. If the equipment and mower were bought new (as opposed to used) you can deduct either 50% or 100% of the total cost in 2010. If you financed any of the purchases, the amount you could have deducted has nothing to do with the monthly payment.
