Carpentry business owners: how do you track tool depreciation for retirement savings?
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SawdustSavant4
·8h·1 reply·2 participants
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SawdustSavant4⭐ ExpertOP8h
23
I've been running my custom cabinet shop for 15 years now and just started digging into retirement planning seriously. Saw a thread on r/woodworking about QuickBooks for bookkeeping but I'm still using spreadsheets for tracking stuff like my Festool Domino and SawStop table saw depreciation. Anyone using a solid CPA or software that makes deducting those big-ticket items easier without screwing up your 401k contributions? Feels like half my profit vanishes into tools every year.
screw quickbooks for depreciation, i just expense everything upfront through section 179 and tell the irs to pound sand if they bitch about it saves way more than any retirement contribution bs.