Big item before tax time

[PippiL]

I have read somewhere here, it is a good thing, to buy a bigger item before the year ends for tax purposes. Is that right ?

 

[KatieShephard]

Purchase something for your business you mean?

I know that it's good to up your charitable giving right before the end of the year because it lowers the amount of money you're taxed on. I would check with your accountant on how much business expenses, charitable giving, etc you need to make it worth it.

 

[PippiL]

Sorry, yes for my business.I'm thinking to get a printer that would be over a $ 1000 Dollars.

 

[Cindy2428]

Most businesses would primarily buy something like this to offset their tax liability to decrease their company profits for the year. Then there is depreciation.... While you can depreciate the entire amount for this tax year; (well within IRS limits), you can split it up I believe for 3 yrs?? - I would check with your accountant which way would work better for you.

 

[mbranchau]

Big items...

Are you trying to offset an net income for the year? Generally people will purchase large items to offset income tax liabilities. If you buy the printer and do not have more than $25,000.00 in depreciation already for the 2014 tax year, then you can write off the whole amount at the end of the year. It is called a Section 179 deduction. I do taxes for my real living

 

[snappyllama]

Are you trying to offset an net income for the year? Generally people will purchase large items to offset income tax liabilities. If you buy the printer and do not have more than $25,000.00 in depreciation already for the 2014 tax year, then you can write off the whole amount at the end of the year. It is called a Section 179 deduction. I do taxes for my real living

I predict you will be very popular here. Welcome!

 

[Ellacho]

Are you trying to offset an net income for the year? Generally people will purchase large items to offset income tax liabilities. If you buy the printer and do not have more than $25,000.00 in depreciation already for the 2014 tax year, then you can write off the whole amount at the end of the year. It is called a Section 179 deduction. I do taxes for my real living

That's great information to know! Thank you !!!

 

[wetshavingproducts]

I predict you will be very popular here. Welcome!

I agree. Now, how can I write off my car.....

 

[cpacamper]

Are you trying to offset an net income for the year? Generally people will purchase large items to offset income tax liabilities. If you buy the printer and do not have more than $25,000.00 in depreciation already for the 2014 tax year, then you can write off the whole amount at the end of the year. It is called a Section 179 deduction. I do taxes for my real living

That makes two of us (when I'm not camping or making soap:razz

 

[mbranchau]

That makes two of us (when I'm not camping or making soap:razz

So have you been as crazy as I have been this week?

 

[PippiL]

Thank you, just purchased my $ 2.000 printer :razz:

 

[cpacamper]

So have you been as crazy as I have been this week?

Right?!? I find myself thinking about my hobbies I can't indulge in... Are you a CPA?

 

[mbranchau]

Right?!? I find myself thinking about my hobbies I can't indulge in... Are you a CPA?

No, I didn't go the CPA route. I decided that I didn't enjoy sifting through income tax issues year round but I loved the bookkeeping aspect of it. I enjoy correcting the mistakes in Quickbooks and helping people to computerize their data before they show up on your doorstep with a bankers box of receipts :grin: I still ended up doing taxes, but just not as full scale. I would love to get the soaping hobby up to a business level so maybe I can stop doing taxes all together. Hey, a girl can dream :wink: