no_worries, I think I was over thinking this
ops: . I am known to do that at times.
Last night I realized it doesn't matter how I paid for this stuff. I think I was confusing taxes with financial statements. I don't need to put liabilities etc on the taxes. It doesn't matter about owner's equity etc for taxes. I am not doing a balance sheet.
So basically as the trailer, apu and reefer unit were paid for outright, all I have to do is depreciate them; there will be no other expense.
The truck is one thing I am a bit confused about. I know to depreciate it but I'm not sure how to expense the interest paid. Technically I prepaid the truck for like 2 years or so and then refinanced the difference.
But can I prepay interest like that and then deduct it this year? I know you can only deduct interest paid for the tax year for which you are filing for houses.
Other than that, I have all the expenses already organized. As I told you I have stuff all over the place, but everything is organized in my head and I am maniacal about using the credit card for everything which makes things easier to track and organize (and get the cash back).
Actually I'm glad I am going to do this myself. Cut down on the expenses and I'm tired of dealing with incompetent people. Yesterday was the day I had enough.
I called Delorme and after a year and a half of aggravation with this lame GPS program I walked into Walmart and bought Streets & Trips and didn't lose the signal once! All that time of aggravation and problem solved in 10 minutes and $100.I Let Delorme know what I thought of their program. Of course you think they care they lost a customer, of course not. But it all comes back.
Then I fought with FTD who didn't deliver my flowers like they were supposed to and wouldn't answer the phone til I hit the prompt to buy flowers not check on an order.
Funny things is the kid who answered the phone had the same thing happen to him.
Fought with Discover card too yesterday. These people wear you down sometimes and too many people don't complain but we do have the power of the pocket.
So yeah I will be doing the taxes myself.
Thanks for your help no_worries.