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SUV and truck tax breaks !!! Check it out !

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Old 01-23-2003, 09:50 PM
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Default SUV and truck tax breaks !!! Check it out !

Ok ,you all owe me a little comission for pointing this out now !!

http://www.detnews.com/2002/autosins.../c01-38875.htm
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Old 01-24-2003, 12:40 AM
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Default Re: SUV and truck tax breaks !!! Check it out !

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Originally posted by boot
Ok ,you all owe me a little comission for pointing this out now !!

http://www.detnews.com/2002/autosins.../c01-38875.htm
Sorry boot, somebody beat you to it last week!!!! Still a great article though.
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Old 01-24-2003, 11:18 AM
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I beat you to it !
No commision wanted just trying to help a brother or sister out
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Old 01-24-2003, 01:23 PM
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I see how you guys are ......

Oh well . I haven't been on much . I guess I miss alot of great things !
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Old 01-24-2003, 05:53 PM
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Couple of things to remember about sect 179 accelerated deductions: They are treated just like any other business asset. If you sell or trade it for a value greated than what it's on the books for, then that differece is treated as revenue and and will be taxed as such. Secondly, you have to have that much taxable EBT to write it off (you can't write off more under 179 than your business's taxable income). So, a small home-based business on the side that is little more than a hobby (by IRS standards) probably won't be of much help here.

That being said, I've used 179 for years with great sucess. It does work, but not flawlessly.

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