Michele in NY Posted April 17, 2017 Report Share Posted April 17, 2017 For those of you in business, how did you (or your accountant) depreciate your machine? Did you take the section 179 deduction up to the max allowed the first year? Are you depreciating it the normal way over time? Thanks, Michele in upstate NY Link to comment Share on other sites More sharing options...
dlnewell Posted April 18, 2017 Report Share Posted April 18, 2017 You should do what is best for your individual tax and financial situation. For me, I took the 179 because it was the most beneficial for my tax, financial, etc. Plus, I don't have to keep track of what value to carry forward for several years. Link to comment Share on other sites More sharing options...
judyday Posted April 18, 2017 Report Share Posted April 18, 2017 If you are planning to sell the machine in a few years your basis will be o and all sales price will be gain. Think about ahead. Im agressive and use section 179 on all assets possibls though. Link to comment Share on other sites More sharing options...
KarenH Posted April 20, 2017 Report Share Posted April 20, 2017 I did not take section 179 on advice of my accountant, also my boss! Everyone's situation is different,do what is best for you. As far as the depr schedule goes, it is part of your tax information and your accountant keeps track of that info, there really isn't anything for you to do, unless you are doing your own taxes. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.