Does anyone do their own taxes? I was wondering about how you would depreciate traps, (5 year, 7 year, 10 year). We are planning on opting out of sec. 179 depreciation.

IRS probably doesn't know that some traps might last 5 years, and some won't last their first boar coon.
Thanks.

Traps are 7 years

Thanks Bud.

I expense them as I buy them. Use them a year and buy more. No need to do a depreciation schedule for traps unless you want the tax accountant deduction, LOL
If you use the 179 deduction you don't need to worry about it. I personally just expense them as I buy them and declare the sale as income other activity if I sell them.

Let me add that it is very important that you talk to your accountant on this issue, no one answer fits all situations. If you don't have an accountant, get one.

Did you stop doing your own taxes at a certain income level or from other complexities?

I've got one of them conjugal accountants. Not our first rodeo with the IRS. We've been filing a schedule F since back when the economy was good. I wanted to depreciate because I bought a lot of stuff this year. Hope to not buy so much next year, but you know how that goes.

I just go out and make it, the accountant tells me what to do with it..lol

How much can I expect to pay a decent CPA? I run as a sole proprietor and our taxes really aren't that complicated yet.

Can you imagine what would happen if this country went to a flat tax? Everything you buy would include state, federal, FICA, and any other tax that's applicable at time of purchase. That's the bad news.

The good news: Everybody pays the same. And if you thinks that's unfair, how many homeless are going to buy a yacht? Those with the big bucks are not going to get away with anything and neither are the poor.

And just maybe, we will all elect someone that we like, for a change.

P.S. No more IRS. ( They are no longer needed ) No more CPAs ( Ditto ) No longer keeping track of deductible expenses; ( Ditto Ditto )
Of course, we might erase the national debt and give our offspring a life to look forward to; so who's holding us back? The very rich and the very poor!

my bill is 2200.00 but mine is yearly...she pays quarterly's and payroll taxes...

Where did we land on this? I'm working on mine now and am not sure whether to depreciate or not. Bought a lot of traps last year! This being my first go round I have no idea how much trouble it would be to depreciate.

Traps are considered equipment or "tools" and as so are 100% deductible. If deducted as tools, the deduction is a one-time, fully deductible expense. No depreciation factor. Baits, lures, exclusion materials, equipment rentals, mileage (if not deducting vehicle) and many other items are expenses and are deducted. Smaller operators may get by doing their own taxes, but it gets fairly complicated when the gross income and then related expenses climb. You will miss out on deductions and possibly end up heading in a bad direction financially if you refuse to pay a tax person who is experienced in small business.

Thanks, I'll keep that in mind for the future. I only earned a quarter of my income from wildlife last year as a part timer. All of that income went back into the business.

You should you section 179. You are silly not too. You are leaving money on the table.

An accountant in NH will run you from $250 on up.

We did section 179, wasn't really all that complicated this time. May look into a CPA next year.

I pay out the nose for my tax professional, my father. I think I'd rather turn myself into the IRS than take another lecture.

Okay David, I knew that your mother was an English teacher, but I never knew that dear old dad was an accountant.

Now normally, this would make me very jealous, however....

My dear old dad was a cattle dealer....

And my mom was a professional cook.

Now, normally, my sister and I should weigh about a thousand pounds apiece; but we still weigh what we did in high school.

Oh yeah, I'm bragging!