Paid off now what?

[plowking]

If it's a personal toy,paid off is good. In business I have to have a deduction,some of my business associates trade every few years regardless. Their accountants call them when it is time to get a new machine, plowking

 

[Turkeyman]

Also make sure you take care of the UCC that is often filed with your own state 's Secretary of State. Here in SC you pay $10 to get it "satisfied" plus the documents from the manufacture saying the loan was paid off.

 

[lawn_king]

If it's a personal toy,paid off is good. In business I have to have a deduction,some of my business associates trade every few years regardless. Their accountants call them when it is time to get a new machine, plowking

Debt is part of the tax game for the self employed, you need to buy new equipment every couple of years. I was able to sell my B3030 hsdc in april, pay it off and take the equity for my downpayment on my new grand L. I now have a machine large enough to do anything i need. I dont have to call in a sub to load 10 wheelers or pull out big plants and i will be able to buy salt/sand in bulk this winter & load my own spreader.