I am not a CPA but do understand you pay tax on the money you make above the cost of doing businesses... Is fuel, electricity, insurance a cost of doing businesses... If you use a tractor in your businesses why could you not write the payments off...
I did not dig deeper that's for my CPA to do... There comes a time to enjoy the write off and drive a nice piece of equipment are keep your old and pay the difference in income tax... I am guilty as anyone at keeping my expenses down till I took a few big hits at the end of the year paying income tax because I was to cheap to spend money... I brought a new tractor I save $80 a month in estimated taxes plus the write off at the end of the year. I could do with out it just like I had learned to do with out the income tax I pay.. You can look at it this way you can limit the liability are give it away I am sure its different for everyone but its something to look into...
This post was edited by Hobo,NC at 19:13:22 07/26/14.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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