Posted by taxguru on November 13, 2005
Q:
Subject: Equipment Deduction
Dear sir,I have a friend who has a paiting business. He wants to know his options for deducting the cost for the purchase of all of his paiting equipment on the year’s tax return, 2004. He knows there is a rule that says he can take the entire cost this year if he wants to do so (I think section 179). He said that he made a small amount of money in 2004 and probably won’t have to pay much tax. What would he should do in this situation.Thank you very much.Regards
A:
I have extensive info on the Section 179 deduction on my website.
Your friend needs to be working directly with a tax pro who can help him set up a strategy that will work best for his particular situation and not obtaining advice second-hand from you.
Kerry Kerstetter
Sorry, the comment form is closed at this time.
Tax Guru - Ker$tetter Letter 