Shula on sun 7 feb 10
Last year I started to sell pots. Now it's tax time and I am wondering how =
many years people use for depreciation of their equipment. Specifically, I'=
m wondering about depreciation for
- an electric kiln
- a pugger (Peter in my case)
- an extruder
- a compressor needed for the extruder and paint sprayer
The optical drive doesn't work on my computer, so I'll have to wait to take=
a look at TurboTax until the drive is fixed.
By the way, some of the above were bought at NCECA last year at great price=
s and came home with me to CA in my little convertible. It's amazing what I=
can pack in that car.
Thanks
Shula
Shula
Desert Hot Springs, California USA
www.claymystique.etsy.com
Bonnie Hellman on tue 9 feb 10
Hi Shula,
I was away and didn't see this posting.
The IRS mandates the life of equipment, which is 7 years, but there are =3D
a number of "ins and outs" and other things to consider. It is possible =3D
many times to deduct, under IRS code Section 179 the entire cost in the =3D
year of purchase, if certain conditions are met. However, if you stop =3D
using them in your business for any reason, you end up recapturing the =3D
depreciation you otherwise wouldn't have been able to take.
If you want to discuss this with me, please give me your phone number =3D
and a good time to call and I'd be happy to tell you more.
Best,
Bonnie
Bonnie D. Hellman, CPA
Ouray, CO 81427
Mou10ms at frontier.net
As required by United States Treasury Regulations, you should be aware =3D
that this communication is not intended or written by the sender to be =3D
used, and it cannot be used, by any recipient for the purpose of =3D
avoiding penalties that may be imposed on the recipient under United =3D
States federal tax laws.
-----Original Message-----
From: Vince Pitelka [mailto:vpitelka@dtccom.net]=3D20
Sent: Sunday, February 07, 2010 6:41 PM
To: 'Bonnie Hellman'
Subject: FW: US taxes - equipment depreciation
Hi Bonnie -=3D20
Do you know Shula? She's a peach, so I was hoping you'd respond to her =3D
question.
- Vince
-----Original Message-----
From: Clayart [mailto:Clayart@LSV.CERAMICS.ORG] On Behalf Of Shula
Sent: Sunday, February 07, 2010 5:50 PM
To: Clayart@LSV.CERAMICS.ORG
Subject: US taxes - equipment depreciation
Last year I started to sell pots. Now it's tax time and I am wondering =3D
how many years people use for depreciation of their equipment. =3D
Specifically, I'm wondering about depreciation for
- an electric kiln
- a pugger (Peter in my case)
- an extruder
- a compressor needed for the extruder and paint sprayer
The optical drive doesn't work on my computer, so I'll have to wait to =3D
take a look at TurboTax until the drive is fixed.
By the way, some of the above were bought at NCECA last year at great =3D
prices and came home with me to CA in my little convertible. It's =3D
amazing what I can pack in that car.
Thanks
Shula
Shula
Desert Hot Springs, California USA
www.claymystique.etsy.com
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