Depreciation for Equipment

[TLC]

Does anyone know a website or where I can find info on how to depreciate my equipment? For ex what is the life of a 21" lawn mower, or a commercial blower, trimmer? It is tax time and I have a method, do not know where to find charts on lawn equipment life spans though
Thanx Ted

[Littleriver1]

http://www.irs.gov/businesses/small/article/0,,id=97726,00.html

Personally, I use turbo tax. It figures it out for me.

Bill

[Aproct]

TLC,

It depends. Are you incorporated, LLC or sole prop? And are you going to run two different depreciation methods, book verus tax depreciation. Answer those questions and I will give you the low down.

[CCLS]

21" mowers are usually done over 5 years. Commercial equipment is usually done over 7.

[Aproct]

CCLS,

Are you using MACRS Double Declining???Are you using book or tax?

[CCLS]

I don't know, I'm using my Accountant.

[JAMESLAWNCARE]

If You're Short On Tax Money, Take A 179 Deduction And Deduct The Whole Amount, If You Have Plenty Of Money And Can Afford To Pay Uncle Sam This Year, I Would Deduct It Over Several Years, You Can Go As Many As 5 I Think.

[edrenckh]

You can deduct up to 100K for 2003 in Sec. 179 I believe. But you can only do it if you have at least $1 profit. But when you think of it, why would you even need additional large deductions if you already have a loss - take the depreciation then.

Don't forget your truck too.