Accounting for Sole Proprietors: Tax & Bookkeeping Tips
in Business, Accounting & Taxes ·
Hey there!
I’m not entirely sure if this is the right corner of the forum to drop these questions, but I figured I’d give it a shot—if anyone happens to have the answers, I would be incredibly grateful! I'm looking for some guidance regarding my small family farm business.
1. Is it possible to write off a washing machine as a business expense for the farm? And if I do, does it need to be officially recorded as a fixed asset on the books, or can I just expense it?
2. We recently went through a transfer of ownership for the farm, and I was wondering about the paperwork side of things—what is the deadline for the previous owner to file their final sales tax return once the business is no longer in their name?
I’m not entirely sure if this is the right corner of the forum to drop these questions, but I figured I’d give it a shot—if anyone happens to have the answers, I would be incredibly grateful! I'm looking for some guidance regarding my small family farm business.
1. Is it possible to write off a washing machine as a business expense for the farm? And if I do, does it need to be officially recorded as a fixed asset on the books, or can I just expense it?
2. We recently went through a transfer of ownership for the farm, and I was wondering about the paperwork side of things—what is the deadline for the previous owner to file their final sales tax return once the business is no longer in their name?