I have a question about buying a company vehicle tax deductions/depreciation

I own a small mosquito abatement company in Virginia. (Independent, not a franchise) I am strictly word of mouth and my customer base has gone from 26 to 46 revolving customers in 2 months; I'll likely be at 60 by labor day. I have a full time job during the day and share mosquitos from 5pm until dark Monday-Friday and weekends.

In an effort to save time, I purchased some new equipment and my SUV is no longer ideal in regards to this new equipment. I need to purchase a work truck. Since I am only generating revenue between April-October, I cannot justify buying anything new ish.

Is it a better decision to finance a $4500 truck across 3 years? Or would it be better to finance an $8000 truck across 5 years?

Maybe someone can explain this Section 179 thing to me in layman's terms.

Thanks in advance


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s