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Veteran Contributor

Re: Pole barn and taxes

As I mentioned several pages ago you might consider looking for a different CPA.  If he "missed" on this one I wonder what else he may be overlooking.

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Senior Advisor

Re: Doesn't anyone else see the insanity

of deducting depreciation before it occurs. We are running trillion dollar deficits and use the tax code to incentivize business activity. I agree that these are legitimate business expenses but as they occur and not before.

 

These types of incentives are sold as efforts to stimulate business activity but our economy indicates that the  strategy is not working. All it does is allow those that are making money to avoid taxes.If people that make money don't pay taxes, who will?

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Senior Advisor

Re: Pole barn and taxes

Leasing equipment is renting equipment not buying equipment. You never own the machine until you buy it.

 

You lease for a period of time at a specific rate. You use the item for the term of the lease. At that time you own nothing. The lease company recovers the item or gives you the option to buy the unit. That buy out option rate may well be established at the beginning of the lease.

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Advisor

Re: Pole barn and taxes

good point

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Advisor

Re: Doesn't anyone else see the insanity

No arguement from me Mr. Kraft-t  but it's the game we must play to stay "competitive"

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Advisor

Re: Pole barn and taxes

That's what is confusing.  How do you not buy a building on your property at the end of a lease?

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Senior Advisor

Re: Doesn't anyone else see the insanity

I wasn't singling you out. Just picking a spot to put my 2 cents in. I cannot understand why so many make tax avoidance and objective and yet are aghast at our budget deficits. This is the result of decades in trying to address the counties problems with the tax code. Every incentive and they have thousands of them, reduces revenues to the treasury. Which is nothing more than cutting taxes for the select few.

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Senior Advisor

Re: Pole barn and taxes

They can remove it or salvage it. Or in some cases they have interest in the site it sits on that has been agreed to before the building is built.

 

In one case it might be a confinement hog building and you no longer want to stay in the business.

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Advisor

Re: Doesn't anyone else see the insanity

Agreed.  My complaint is the tax system is based upon spending not saving as savers  are punished and spenders rewarded.

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Veteran Advisor

Re: Doesn't anyone else see the insanity

I noticed all of the Christmas spending was wrapped around credit card numbers---here we go again ! ! ! Economy is going again--whups all on credit--can't break the habit for a lot of the populace-borrow and spend ? ?

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