Starting a business late in the year

Well if you read some of the serious stuff, it starts out as not buying a truck until everything else is in place or you have experience with this industry.

 

I have an S-Corp and was told by my accountant that it is cash method too. So when I bought my liability insurance for 12.5K and had to give them 2,5 cash of downpayment and paid a few installments then only that portion is deducted as an expense not the whole 12.5 K. I also bought a new trailer and downpayment was 3K and the first payment but only that will be deducted + depreciation. I completed some work this year but expect to be paid in 2017 so that won't count as income for 2016. I do that also for the purpose of reducing my Adjusted Gross Income on which I base my Obamacare Insurance tax credit. The cash method is easy to follow. I even think of doing it myself by looking at my previous returns. It would save me about 1000 a year I give to my tax preparer.
P.S. Technically I could use newly offered 0% credit cards to make more payments for insurance and trailer (over-payments) and treat it as cash too. But I don't sympathize with credit cards and won't do it.

 

Op sounds like a smart ###. Do know why he's even asking questions

 

Hehe troll

 

Well, the comment about having owned a Titan really derailed your thread. And keep in mind, there are folks coming on here on a regular basis stating they bought a truck and have absolutely no experience driving one, let alone operating their own business with one. I think that's what most people here were expecting from the lack of info in your original post. It sort of came across as a "I bought a truck, now what?" post. At least to me it did.

To answer your question, if it were me, I'd be hiring an accountant to take care of issues like that. But that's just me. I don't get legal or tax advice from forums like this. Everyone is an expert because a trucker at the counter in the truck stop said his uncle's neighbor did it that way.

 

From where I'm sitting, I would have to disagree. The thread was derailed from as early as the third comment. Comments 3, 4 and 5 were worthless "contributions". I see this all too many times here on TTR. I don't see the point in adding irrelevant information. Maybe people just think they're better that others? Perhaps it's an effort to increase post count?

 

Maybe I should have put it like this .....

Well, the comment about having owned a Titan REALLY derailed your thread.

 

Lol agreed. Sounds like OP knows the routine around here and just gave up. So he instead decided to have a little fun with it.