boot

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

http://www.detnews.com/2002/autosins.../c01-38875.htm

Semper Fi

Sorry boot, somebody beat you to it last week!!!! Still a great article though.

scarabrick

I beat you to it !
No commision wanted just trying to help a brother or sister out
Rick

boot

I see how you guys are ......

Oh well . I haven't been on much . I guess I miss alot of great things !

Chart

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.

Chart