Lisas_Stitching_Corner Posted March 20, 2008 Report Share Posted March 20, 2008 We are working on our taxes and am wondering over what time period are you depreciating your machine and what method are you using? Link to comment Share on other sites More sharing options...
chickenscratch Posted March 20, 2008 Report Share Posted March 20, 2008 The tax people here told my husband 15% per year. Of course, it may be different depending where you live. Link to comment Share on other sites More sharing options...
ffq-lar Posted March 21, 2008 Report Share Posted March 21, 2008 A CPA advised me in a quilting-business class that our machines can be depreciated over 7 years (instead of 5 years) because they are not computerized. So 15% per year would be exactly right, I guess. Link to comment Share on other sites More sharing options...
Pam.Nagle Posted March 21, 2008 Report Share Posted March 21, 2008 Part of the Economic Stimulus package is accelerated depreciation. I\'d ask. Link to comment Share on other sites More sharing options...
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