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Author Topic: its almost the end of the year  (Read 745 times)

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Offline snowstorm

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its almost the end of the year
« on: December 29, 2017, 07:39:49 AM »
anyone else going shopping today? i was told i need to buy something in the next couple days or pay the tax man and i dont like him much

Offline reedco

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Re: its almost the end of the year
« Reply #1 on: December 29, 2017, 10:01:17 AM »
        Did last week, one more bill to pay then wait for the news.  Always wonder how youre making money and never have any!
Not many trees

Offline Autocar

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Re: its almost the end of the year
« Reply #2 on: December 29, 2017, 10:17:32 AM »
Yes I am looking for a twenty ton equipment trailer. So I get what I spent on timber and fuel parts ect then what I made and go to my tax man and the girl in the office tells me he is out of town till the second of Jan.   ::). I don't mind giving them some but when it turns into thousands I get pretty peeved. Here a few years back I new I had better spend some money so I bought a 843 Bobcat at the same time I was thinking about a new pole barn. What I had to pay I could of bought a pole barn wasn't happy at all ! But any ways  :new_year:
Bill

Offline mike_belben

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Re: its almost the end of the year
« Reply #3 on: December 29, 2017, 11:51:42 AM »
The tax structure is about as tailored against succeeding at capitalism as it possibly can be.   It incentives poverty and punishes success.

Offline snowstorm

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Re: its almost the end of the year
« Reply #4 on: December 29, 2017, 12:37:12 PM »
I built on 20 ft. On the garage. Now 40 x 60.now I find out it's depreciated  over  30 years.

Offline mike_belben

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Re: its almost the end of the year
« Reply #5 on: December 29, 2017, 12:38:16 PM »
Yeah, equipment is 7yrs, land and building is 30 iirc.

Offline coxy

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Re: its almost the end of the year
« Reply #6 on: December 29, 2017, 05:03:59 PM »
if you guys need a right off  just send all your unwanted money to the cox charity fund ill take all you got  thanks  :D :D

Offline BradMarks

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Re: its almost the end of the year
« Reply #7 on: December 29, 2017, 05:34:11 PM »
A very wise businessman, now passed, once told me he didn't mind paying taxes, because if you are paying taxes you are making money. ;D Couldn't be more true, and next year we can pay a little less. 

Offline lopet

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Re: its almost the end of the year
« Reply #8 on: December 29, 2017, 06:56:18 PM »
anyone else going shopping today? i was told i need to buy something in the next couple days or pay the tax man and i dont like him much

You need a farm so you can kick the can down the road.  ;D :)
Make sure you know how to fall properly when you fall and as to not hurt anyone around you.
Also remember, it's not the fall what hurts, its the sudden stop. !!

Offline Skeans1

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Re: its almost the end of the year
« Reply #9 on: December 29, 2017, 09:37:22 PM »
Maybe it's time for a new crummy.

Offline BargeMonkey

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Re: its almost the end of the year
« Reply #10 on: December 29, 2017, 10:41:10 PM »
Waiting to hear, I know we aren't done. All about having the right accountant who wears a yalmuka 😂

Offline Ken

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Re: its almost the end of the year
« Reply #11 on: December 30, 2017, 05:20:12 AM »
anyone else going shopping today? i was told i need to buy something in the next couple days or pay the tax man and i dont like him much

Good to hear that you had a profitable year.  I hate paying income tax as well but if we are not able to show a profit it sure makes it hard to borrow money from lenders when you need it.  Happy New Year
Lots of toys for working in the bush

Offline snowstorm

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Re: its almost the end of the year
« Reply #12 on: December 30, 2017, 07:26:42 AM »
anyone else going shopping today? i was told i need to buy something in the next couple days or pay the tax man and i dont like him much

Good to hear that you had a profitable year.  I hate paying income tax as well but if we are not able to show a profit it sure makes it hard to borrow money from lenders when you need it.  Happy New Year
any profit surely did not come any forestry related bussiness

Offline PA_Walnut

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Re: its almost the end of the year
« Reply #13 on: December 30, 2017, 07:34:04 AM »
Live the dream: Last year in mid-December, Congress FINALLY passed the new Section 179 law into effect permanently. Allowing you to write it off each year, rather than depreciate it.

The limit was increased to $500M last year and now they raised it to $1M for 2018.  So, you can either purchase equipment for your business, or pay the tax man. You choose.  :D

Spend it by midnight tomorrow...From Section179.org:

Quote
Dec 22, 2017 -   With the passage and signing into law of H.R.1, aka, The Tax Cuts and Jobs Act, the deduction limit for Section 179 increases from $500,000 to $1,000,000 for 2018 and beyond. The limit on equipment purchases likewise has increased, from $2 million to $2.5 million. In addition, the deduction now includes any of the following improvements to existing nonresidential property (i.e., the improvement must be placed in service after the date the property itself was first placed in service): roofs; heating, air-conditioning, and ventilation systems; fire protection, alarm, and security systems.
Further, the bonus depreciation increases from 50% to 100%. This part is retroactive to 9/27/2017, and is good through 2022. The bonus depreciation also now includes used equipment.
IMPORTANT THIS YEAR: Section 179 for Current 2017 Tax Year
Section 179 can provide you with significant tax relief for this 2017 tax year, but equipment and software must be financed and in place by midnight December 31, 2017. Use this 2017 Section 179 Calculator to see how much the Section 179 tax deduction can save your company.
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