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sparkync #183164 12/28/08 07:04 PM
Joined: Jun 2004
Posts: 1,273
T
Member
Computers are normally 'LISTED PROPERTY' as defined ( listed by the IRS ) and are hard to deduct 100% in the first year.
So, beware.

We are in the early stages of a Great Depression, (GD2), and cash is king.

Be sure to report your income flows on a cash flow basis.

Get out of debt ASAP.

Do not extend credit, leave that to banks.

Many, many EC's will go belly up due to uncollectable invoices.

Save your license: establish income streams independent of the construction industry.

Most advertising will be a total waste: your prospects can't afford your service even if they want and need it.




Tesla
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Tesla #183181 12/29/08 02:34 PM
Joined: Jul 2004
Posts: 9,928
Likes: 34
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There is a rule (194??) that allows 100% depreciation of PCs and some other office equipment in the first year. If you are really a "bleeding edge" guy that is probably accurate.


Greg Fretwell
Joined: Oct 2002
Posts: 830
S
Member
Tesla, I tried to take all that in consideration. If I don't get something for my money now though, I want get anything after the first of the year, because I owe it all to the gov.
I wish I had managed better, but income in itself was reasonably slow, and my needs were high, so I have to take what is before me now.
Yes I know times are bad and I certainly want to get out of debt ASAP, but under the circumstances I don't know what else to do. I done made many purchases including my computer,printer,monitor,etc... etc.. I ask my accountant about the computer and yes it looks like I'll probably just have to depreciate it over three years, but I needed one, since I was having to "hit" on my other one to get it to come on. This happened here in the last 2 weeks so that sorta made my mind up:( I got Quick Books 2009 etc...
Thankfully I've got a few credit cards, or is that really a blessing:( Wonder if the interest I pay will be deductible next year?
Right now I don't even have any work. I know that seems sort of dumb, but I just have to "trust in The Lord". I have even applied for several regular jobs working for the "other man". Nothing yet... Living day by day...All is well though, I've seen tuff times before. I've been going by myself for almost 9 years now. Thanks for all the infor and input... If anybody out there still believes in prayer, remember me...Steve....

sparkync #183195 12/30/08 03:33 PM
Joined: May 2003
Posts: 1,158
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Quote
If anybody out there still believes in prayer, remember me


A bon jovi song comes to mind smile


Whooah, were half way there
Livin on a prayer
Take my hand and well make it - I swear
Livin on a prayer

Best of luck to ya Steve

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