Lawn Care Business Forum Lawn Care Business Book Lawn Care Business Blog Lawn Care Software
Home Forum Contract & Flyer Templates Blog Software Videos Podcast Calculators / Estimators Store Mower Review Design It Yourself Lawn Business School

Go Back   GopherHaul Landscaping & Lawn Care Business Marketing Forum > Business > General Business Discussions

General Business Discussions A place to talk about general business discussions.

Tax Deductions


General Business Discussions

A place to talk about general business discussions.
Reply
 
Thread Tools Search this Thread
  #1  
Old 03-01-2006, 05:24 PM
mowboy mowboy is offline
Lawn Care Business Consultant
 
Join Date: Mar 2005
Location: Vancouver, BC
Age: 49
Posts: 76
Rep Power: 0
mowboy
Default

Dean asked the question:

I purchased a new 52" walk behind mower on 12-30-05 for $5375. *Can it all be deducted for the 2005 tax year.

In short, no. At least not all at once...

Expenses such as dumping, rent and fuel can be deducted in whole, all at once. However, capital equipment, (aka assets or equipment) is written off over several years. This is called depreciation and only the amount of the depreciation can be deducted from your taxes each year. The rate at which you can depreciate your equipment depends on where you live and what the equipment is. For example, it could be that a computer depreciates very quickly (perhaps deducting the entire amount over 2 or 3 years). However, a vehicle might depreciate over 10 years. A lawn mower would probably fall in the middle. So you can definitely write off a percentage of the $5375 but to find out exactly how much, please talk to a tax professional or your accountant to find out the depreciation rate for your mower. It is a good idea to get professional help when preparing the tax return for your business.

Thanks for your question!
__________________
Joel LaRusic
Consultant/Author, Start & Run a Landscape Business
www.mowboy.com
Reply With Quote

Stop guess-timating. Learn how to estimate and make money! $$$
Mow Time Estimator Lawn Care Price Estimator Mulch and Topsoil Calculator Snow Plow Estimate Calculator


Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
Having an issue with...
Mr. Mow
04-27-2016 03:58 PM
04-28-2016 05:04 AM
by Sprinkler Buddy
2 86
Hello From Virginia
JJand M Lawncare
04-25-2016 01:02 PM
04-27-2016 05:20 PM
by Steve
5 113
Hello from Calgary
Freshcut
04-22-2016 06:10 PM
04-25-2016 05:46 PM
by Freshcut
2 103
knowledge is Key
Greg'slawnandlandscape
04-23-2016 02:23 AM
04-25-2016 02:40 PM
by Steve
2 104
Echo Bed Redefiner...
NPM_LLC
04-12-2016 10:54 AM
04-22-2016 06:15 PM
by Freshcut
4 302
Has anyone done a garden?
Brian3137
03-28-2016 10:42 AM
04-22-2016 04:42 PM
by biglee
13 9,729
What would you charge?
markty
04-18-2016 03:28 PM
04-22-2016 09:01 AM
by chris2500hd
6 261
Replaced Mower Engine
Sprinkler Buddy
04-15-2016 06:21 AM
04-19-2016 11:03 AM
by Sprinkler Buddy
6 244
Hello from Oklahoma
Ron Hall
03-24-2016 06:59 PM
04-16-2016 03:51 AM
by Ron Hall
9 9,451
Laying down some stripes
MATTNAPIER89
04-11-2016 09:55 PM
04-14-2016 11:55 PM
by Steve
3 319
Find out what business...
MATTNAPIER89
04-11-2016 09:58 PM
04-13-2016 12:32 PM
by MATTNAPIER89
2 277
Hello my name is Matt
MATTNAPIER89
04-11-2016 09:46 PM
04-13-2016 12:58 AM
by Steve
1 224
How to drop some...
nickeckes
04-11-2016 01:07 AM
04-12-2016 05:22 PM
by Steve
4 306
Trash Receptacle for a...
tannerduncan
04-12-2016 05:02 PM
04-12-2016 05:19 PM
by Steve
1 204
Small Project Lawn
tannerduncan
03-31-2016 08:21 PM
04-12-2016 05:16 PM
by Steve
7 9,335
Please Help! Bidding...
Dorali
02-15-2016 12:02 PM
04-06-2016 01:08 AM
by Steve
36 13,004
Hello
pbcleff
04-05-2016 07:45 PM
04-06-2016 12:35 AM
by Steve
1 398
Hello
llewelwa
03-18-2016 12:47 AM
04-05-2016 12:14 AM
by Steve
3 9,321
Poop and Scooping
llewelwa
04-01-2016 05:48 PM
04-05-2016 12:08 AM
by Steve
1 9,109
help with sole...
greenbuds
03-24-2016 12:21 PM
04-04-2016 05:33 PM
by WarriorLandscapingCAN
2 9,272
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 08:32 PM.


(C) 2011 Riggs Publications - Terms of use & Privacy Policy

All times are GMT -5. The time now is 08:32 PM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy