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 - Ford Part Number Trivia - by Forum Participants. "Replaced by" means the part was superseded. All of my part books date back to 1964 and New Holland have changed some part numbers. They usually put the old Ford part number on the package. I was suppressed when I looked up the part number of the auxiliary drive shaft because for some reason the part number went through a radical change and it lost its "Basic Part Number". Ford part numbers follow the following rules. Most part numbers are in three parts. The middle part is called the
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