Yay!!!!!! ready to buy more equipment but I have a question

[Go-C Graphics 856]

I finally have good money coming in and I want to buy some more equipment. 

I'm looking at a heat press and a sandblast cabinet. 

 

Should I wait till after Jan.1st for Tax reasons?

 

I'm new to owning my own business and I'm not sure how everythings going to work out taxwise.

Business wise I'm still pretty far into the red with all the investing I've had to do from my personal accounts to get started.  

I'm planning on finding a CPA once it's time to do taxes and I'm hoping he can help couch me to handle everything better in 2014 

 

I know capital equipment purchase play a role in there somewhere so I'm not sure if I should buy the equipment this year or wait to the start of the new year. 

 

 

I'm really excited to get a heat press and I'm tired of sandblasting in the middle of my yard.  LOL

 

Anyone have any advice?

 

 

[busterbay 326]

Usually equipment is depreciated over a period of time, 3 - 10 years depending upon it's expected life span. The state you live in can factor into that also. Consumables are taken off that year.

 

I always try to make all my big purchases before Jan 1st, I don't like giving congress any extra money to spend if I can help it.

[jaybyrd 3,770]

I fully deduct everything. Very little I use lasts long enough to be depreciated and everything is for sale so if they question me I forgot to list it on the inventory, oops.

[Dakotagrafx 7,297]

Buy now and use a sec 179 defect it all this year

[Go-C Graphics 856]

Dear lord.....

 

I have so much to learn.... Sometimes it's overwhelming.  

 

 

I guess I'll just go ahead and order the heat press. 

[smokeybearfan 87]

I deduct the full amount also. Most of the equipment I have for my business gets replaced ever 2 years or so. So unless it is a major purchase over 5k then it gets treated as cash.