I am using Turbo Tax for business this year, and it SUGGESTS on new property purchases, that you separate out 5 year assets from the basis of the property and take the faster depreciation ie. carpet, water heater, fences, vinyl…etc. I had quite a few purchases this year, so it’s going to make a good sized difference for me.
Positive thought for today-Just finished my tax returns - Posted by Nancy Cason
Posted by Nancy Cason on March 26, 2000 at 20:13:20:
I always do my own taxes, that way I get to see if my investing is offsetting the W2 income. That is one reason I started this landlording stuff.
I am so relieved its over. I want to share a positive item I read this morning before tackling the last stage of the tax preparation. (I do a 1065, 1040, and two different state returns).
Only as high as I reach can I grow.
Only as far as I seek can I go.
Only as deep as I look can I see.
Only as much as I dream can I be.
Holding these thoughts in the back of my mind all day made the tax preparation a welcome task instead of a chore. Each year as I see my tax position it helps me make adjustments in my investing program.
Remember not only must we all reach, seek, and dream; but we must also HAVE FUN and keep a positive mental attitude.