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 07-16-2017, 11:35 Post: 64985
Chief



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  TRACTOR TAX WRITE/OFF

Here is the latest John Deere "poop" on depreciation and tax advantages on equipment.






Link:   New tax savings offer unprecedented opportunity to update equipment 

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 07-16-2017, 16:29 Post: 64986
Chief



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I'm in Middle Tennessee, what 'bouts are you at JTE?






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 07-20-2017, 13:44 Post: 65143
Chief



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  TRACTOR TAX WRITE/OFF

Sales taxes are not collected on agricultural use equipment as well. Usually, proof such as a Dept. of Agriculture Farm Certificate with your farm number on it will suffice. At least in TN that is the case.






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 07-21-2017, 09:22 Post: 65156
Chief



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  TRACTOR TAX WRITE/OFF

If the equipment is agricultural type equipment (meaning NOT residental type machines) and you do file a Schedule F you can depreciate the equipment or with the new tax legislation expense it up to 60% as covered in the earlier link on your federal income taxes and state sales taxes are not collected on it in TN (may differ from state to state. If the equipment is used for other business purposes such as lawn care, landscaping, etc. The states sales tax in TN is collected (again may vary from state to state) but the equipment may be depreciated on your federal income tax return as a business expense or depreciation. You should verify these points with your tax preparer or CPA as I did and also have reciepts and certficates to verify status.

Paying the taxes you owe is a good thing. Paying taxes you don't owe or allow the IRS to intimidate you out of applying for the lawful deductions or credits you are legally entitled to is throwing money away.






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 07-22-2017, 04:59 Post: 65170
Chief



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Tisk, tisk, tisk. Mike, Arianna Huffington would be very upset with you. Wink yeah right






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 07-22-2017, 14:48 Post: 65172
Chief



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That is not bad gas mileage for a vehicle that heavy. You need that 572 cubic inch Chevy crate motor or a tricked out 6.5 litre turbo diesel to move that H2 along. Wink yeah right I was pulling your leg as Arianna is one of the political types trying to out law SUV's and I was thinking the same thing as you with the driving the Arnolds H2 through the tax loop holes she takes. Laughing out loud! If I could afford it, the wife would be driving a Powerstroke powered Excursion. I like having lots of steel around the wife and I driving down the road.






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 07-23-2017, 00:37 Post: 65176
Chief



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Well said Mike! Definitely good to be the mass part of that equation. Wink yeah right






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