TKK Posted January 31, 2013 Share Posted January 31, 2013 Hi guys how do you guys put cash purchases or expenses? Say you bought a route, or machines on cl? Do any of you get back any returns due to big expenses say the startup year? Link to comment Share on other sites More sharing options...
shepherdsflock Posted February 14, 2013 Share Posted February 14, 2013 If you show an operating loss due to the purchase of equipment, it will decrease your taxable income. Always get receipts or bill of sales for cash purchases. Link to comment Share on other sites More sharing options...
musser Posted February 16, 2013 Share Posted February 16, 2013 Deducting the total cost of equipment purchases is called a section 179 deduction and there are certain requirements to be met, failure to do it right and you will also be able to say you met an auditor. Its pretty simple but read up on it: form 4562 Depreciation and Amortization. Link to comment Share on other sites More sharing options...
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