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  • Hey all, just changed over the backend after 15 years I figured time to give it a bit of an update, its probably gonna be a bit weird for most of you and i am sure there is a few bugs to work out but it should kinda work the same as before... hopefully :)

I guess it is safe to assume...

B

Ben Coleman

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That all AL Canon mount Scarlets that need to be payed for this year have been contacted? I only ask because I still need to offload a few thousand bucks this year to keep my tax bill low. There isn't much in the Red store that can be completely payed for this year. I think I may be buying a few SSD's and batteries so I can ease some of my pain.

What an issue to have, dumping cash on things so that my company can barely make a profit in 2011.
 
Ben Coleman said:
That all AL Canon mount Scarlets that need to be payed for this year have been contacted? I only ask because I still need to offload a few thousand bucks this year to keep my tax bill low. There isn't much in the Red store that can be completely payed for this year. I think I may be buying a few SSD's and batteries so I can ease some of my pain.

What an issue to have, dumping cash on things so that my company can barely make a profit in 2011.
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you can always pay for your scarlet in advance. The money will sit as a credit in your account. It's also better to do this because when you can is ready they ship it without delay.
 
Do you receive any sort of receipt or invoice when you do that? I also heard that items had to ship or be put in service in order to be written off for that tax year. I could be wrong, if so then maybe I should send some money in.
 
AFAIK you have to have the item payed in full and shipped to write it off. But I am not a tax adviser. You should ask someone who is.
 
Not an accountant but… The day you put the equipment in service is when you get the tax benefit. This works both ways. You can put equipment in service that isn't paid for and enjoy expensing the depreciation that year. One of the small benefits of financing equipment through leasing or a loan.
 
Hey Ben why not right off some of that hard earned cash by flying me out from Australia (1st class of course) myself . My company will send you an invoice how much do you need to right off. ;)
 
Mike Garrick said:
Hey Ben why not right off some of that hard earned cash by flying me out from Australia (1st class of course) myself . My company will send you an invoice how much do you need to right off. ;)
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Wow, it took this long for someone to ask that?! ;) I expected that almost right away.

Yeah, we have ourselves an accountant now because of how tricky things can get. I was way over my head when it came to taxes. I was thinking that if I could at least have a payed invoice for the equipment even if it wasn't in my possession than I could at least put it on 2011. I have always based my expenditures on when the money has left my account and not on when I received the equipment. I may be able to write off the deposits but that really isn't going to be enough. What worries me is that we sold a camera this year too so that is a bit more cash than previously expected. Just ordered a pocket dolly last night and plan on ordering some Red bits tonight. If nothing else, we will beat the price increase.
 
This is a good question. I've paid for my scarlet package in full even though I don't expect to get it until January for this exact (tax) reason.
 
I received some SSDs and Batteries, so the receipt I have is for them. Didn't get any documentation for the scarlet package. Might have to see if that's possible.
 
Of course, the best advice is "ask your accountant." In truth, you can do whatever you want - until you get audited. Then, you'd better hope you did it right. And, the more outrageous your attempts at getting deductions, the more likely you'll get audited. :-)

I think you really do have to put it "in service" before you can start to depreciate (or expense) it. My guess is that you could "get away" with it if you were actually billed and paid for it, even if it didn't arrive until early January. But, if RED isn't ready to ship it and isn't requiring payment, I'd say you are a little out of luck for 2011.

No, not an accountant. So, every thing with a grain of salt.
 
Hey Ben,

I had the exact same worries and asked my accountant. I live in Germany and this is german tax law, but maybe something similar is possiblein U.S.:
my accountant said that if you already know that a bigger investment is coming for your next business year, 40% (here in GER) of it's value can be written off in advance in the current year.
I may add that I am self employed.

This took away quite some pressure, hope something similar is possible for you, good luck!
 
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