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#4
04-14-2004, 07:44 AM
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 Re: Depreciation - quote - > > > If you run a small business full time and the first year you
True, but not by choice.> > > show a small profit without taking depreciation into account > > > are you allowed to do that or is depreciation mandatory on > > > any capital assets utilized in the business to make a > > > profit. The strategy here is not to use up depreciation if > > > not needed and save it for say the next year where it would > > > be more useful assuming more profit. If taking > > > depreciation is compulsory than I guess that ends the > > > discussion. Thanks for any help. > > You cannot "save" up depreciation. > You can on the home office deduction calculation. Gene E. Utterback, EA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
04-13-2004, 06:59 AM
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| Re: Depreciation - quote - > > If you run a small business full time and the first year you
You can on the home office deduction calculation.> > show a small profit without taking depreciation into account > > are you allowed to do that or is depreciation mandatory on > > any capital assets utilized in the business to make a > > profit. The strategy here is not to use up depreciation if > > not needed and save it for say the next year where it would > > be more useful assuming more profit. If taking > > depreciation is compulsory than I guess that ends the > > discussion. Thanks for any help. > You cannot "save" up depreciation. -- Frederick E. Jorden http://Tax-Accounting-Payroll.com 7825 Midlothian Tpk - 207 Richmond, VA 23235-5247 EMAIL knowtax[at]bigfoot.com (804) 320-6210 FAX (804) 320-6211 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
04-12-2004, 09:54 AM
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| Re: Depreciation Bill Lloyd wrote: - quote - > If you run a small business full time and the first year you
It is mandated, whether or not you actually enter any> show a small profit without taking depreciation into account > are you allowed to do that or is depreciation mandatory on > any capital assets utilized in the business to make a > profit. The strategy here is not to use up depreciation if > not needed and save it for say the next year where it would > be more useful assuming more profit. If taking > depreciation is compulsory than I guess that ends the > discussion. Thanks for any help. figures on the tax return. It's what's called "allowed or allowable". So , the trick is,..... taking the minimum amount of depreciation you can get away with. And don't forget to opt OUT of the 50% bonus depreciation. Cheer$$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
04-12-2004, 09:16 AM
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| Re: Depreciation - quote - > If you run a small business full time and the first year you
You cannot "save" up depreciation.> show a small profit without taking depreciation into account > are you allowed to do that or is depreciation mandatory on > any capital assets utilized in the business to make a > profit. The strategy here is not to use up depreciation if > not needed and save it for say the next year where it would > be more useful assuming more profit. If taking > depreciation is compulsory than I guess that ends the > discussion. Thanks for any help. Helen, EA in PA Member of The Tax Gang Director, National Assoication of Enrolled Agents Immediate Past President, PA Society of Enrolled Agents << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-12-2004, 07:38 AM
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| Re: Depreciation "Bill Lloyd" <william.lloyd1[at]home.com> wrote - quote - > If you run a small business full time and the first year you
Depreciation isn't really "mandatory", but you would lose> show a small profit without taking depreciation into account > are you allowed to do that or is depreciation mandatory on > any capital assets utilized in the business to make a > profit. The strategy here is not to use up depreciation if > not needed and save it for say the next year where it would > be more useful assuming more profit. If taking > depreciation is compulsory than I guess that ends the > discussion. Thanks for any help. this years depreciation (you can't defer it to another year) and in the end, when the item is sold let's say, you have to account for the gain on the sale "as-if" you did take the depreciation. So take it. -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-08-2004, 08:22 PM
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| Depreciation If you run a small business full time and the first year you show a small profit without taking depreciation into account are you allowed to do that or is depreciation mandatory on any capital assets utilized in the business to make a profit. The strategy here is not to use up depreciation if not needed and save it for say the next year where it would be more useful assuming more profit. If taking depreciation is compulsory than I guess that ends the discussion. Thanks for any help. Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| depreciation |
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