alia176
Silver Member
Good morning all,
As of the first of this year, I'm now working for myself as an Engineering consultant. This is very scary for a lifelong W2 guy and very exciting at the same time. My reason for doing this is so that I can do engineering work, tractor work and 4x4 vehicle based fabrication work. My bread and butter will be the engineering work but it'd be nice if the tractor can at least pay for itself somewhat :laughing: Who knows, maybe I can finally build a shop and write that off somehow!
My CPA helped me setup a S corp and I'm paying myself a salary. One aspect of this company will be to perform landscape work with the tractor/backhoe and to that end I need to figure out what's the best way to bring the tractor into my business. I'm making monthly payments on the tractor to Mahindra finance and would like some means of tax relief or depreciation, etc. Please educate me on this process as my mind is full of clutter from reading the internet info!
Thank you.
As of the first of this year, I'm now working for myself as an Engineering consultant. This is very scary for a lifelong W2 guy and very exciting at the same time. My reason for doing this is so that I can do engineering work, tractor work and 4x4 vehicle based fabrication work. My bread and butter will be the engineering work but it'd be nice if the tractor can at least pay for itself somewhat :laughing: Who knows, maybe I can finally build a shop and write that off somehow!
My CPA helped me setup a S corp and I'm paying myself a salary. One aspect of this company will be to perform landscape work with the tractor/backhoe and to that end I need to figure out what's the best way to bring the tractor into my business. I'm making monthly payments on the tractor to Mahindra finance and would like some means of tax relief or depreciation, etc. Please educate me on this process as my mind is full of clutter from reading the internet info!
Thank you.