Forklifts for Sale – Always Keep Your Receipts for Tax Reasons & Benefits

A receipt for heavy equipment for your business is as important as the birth certificate is for your child, and harder to get a copy of if you lose it. You will find invaluable information on this receipt, from the price of the machine, the sales tax you paid, the identifying numbers and the hour meter reading. This is important for you accountant, insurance company and the police if it is ever stolen, not to mention IRS if you are audited.

Your accountant will need to know the price you paid for the machine so it can be depreciated out, which is a way IRS gives us the money back we pay for equipment we use in our business. Sometimes IRS also lets us take a deduction on the sales tax we paid, so you need to have the receipt for that. The insurance company will want to use the receipt for the identifying numbers of your machine and as a basis for the amount it should be insured for. If it is ever stolen, the first thing the police will want is to look at a receipt; you will not get far without it.

Machines like forklifts and bobcats do not have an odometer like a car, they have hour meters. This tells you when the maintenance should be done, and, if you have a warranty on the machine, it could be voided if not done in a timely manner. Your receipt should show the hour meter reading if it is a used machine. Your receipt can be useful when ordering parts as it should have the VIN number on it.

The storage of receipts for machines should not be taken lightly as they can be extremely hard, if not impossible to replace. You will do well to pick a place to store the original receipt, and then take copies for your tax return and every day use. Scanning a copy of the receipt onto a disc with your other equipment, then storing this in a safe or safely in a bank would be a good idea. If you are unable to scan it, then put the actual receipt there. Most filing cabinets are not protected against fire, so a safe is better.

A duplicate receipt is harder to get than a duplicate title for your car, so you need to protect it. If you are ever audited by IRS, they will not allow you to deduct the cost of machinery if you cannot prove the cost via receipts. So obviously it is a very strong financial move to safeguard your receipts because they are literally worth thousands of dollars. If in the event that you lose your receipts and need to purchase things like forklift attachments just to get receipts, you can shop online and get immediate receipts to print out for your records.

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