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June 6, 2008 at 1:51 PM #218579June 6, 2008 at 1:58 PM #218589nostradamusParticipant
harrybosch she could also be getting the heavy vehicle tax deduction. IRS section 179, form 2290. It’s a very fat deduction.
Writeoff for Heavy SUVs
Tax law allows you to claim the $25,000 Section 179 writeoff plus the “regular” first-year depreciation writeoff. For example, say you spend $60,000 in 2008 to buy a new Cadillac Escalade that is used 100% in your business. You can generally claim the following first-year deductions on your business’s 2008 federal return: the $25,000 Section 179 writeoff plus $7,000 worth of regular depreciation [20% x ($60,000 – $25,000)]. So your first-year depreciation deductions add up to $32,000, or about 53% of the new Escalade’s cost. This is a far better deal than if you spent the same $60,000 on a new BMW used 100% for business (in that case, your first-year depreciation writeoff would be limited to about $3,000 under the so-called luxury auto depreciation limitations).June 6, 2008 at 1:58 PM #218609nostradamusParticipantharrybosch she could also be getting the heavy vehicle tax deduction. IRS section 179, form 2290. It’s a very fat deduction.
Writeoff for Heavy SUVs
Tax law allows you to claim the $25,000 Section 179 writeoff plus the “regular” first-year depreciation writeoff. For example, say you spend $60,000 in 2008 to buy a new Cadillac Escalade that is used 100% in your business. You can generally claim the following first-year deductions on your business’s 2008 federal return: the $25,000 Section 179 writeoff plus $7,000 worth of regular depreciation [20% x ($60,000 – $25,000)]. So your first-year depreciation deductions add up to $32,000, or about 53% of the new Escalade’s cost. This is a far better deal than if you spent the same $60,000 on a new BMW used 100% for business (in that case, your first-year depreciation writeoff would be limited to about $3,000 under the so-called luxury auto depreciation limitations).June 6, 2008 at 1:58 PM #218658nostradamusParticipantharrybosch she could also be getting the heavy vehicle tax deduction. IRS section 179, form 2290. It’s a very fat deduction.
Writeoff for Heavy SUVs
Tax law allows you to claim the $25,000 Section 179 writeoff plus the “regular” first-year depreciation writeoff. For example, say you spend $60,000 in 2008 to buy a new Cadillac Escalade that is used 100% in your business. You can generally claim the following first-year deductions on your business’s 2008 federal return: the $25,000 Section 179 writeoff plus $7,000 worth of regular depreciation [20% x ($60,000 – $25,000)]. So your first-year depreciation deductions add up to $32,000, or about 53% of the new Escalade’s cost. This is a far better deal than if you spent the same $60,000 on a new BMW used 100% for business (in that case, your first-year depreciation writeoff would be limited to about $3,000 under the so-called luxury auto depreciation limitations).June 6, 2008 at 1:58 PM #218497nostradamusParticipantharrybosch she could also be getting the heavy vehicle tax deduction. IRS section 179, form 2290. It’s a very fat deduction.
Writeoff for Heavy SUVs
Tax law allows you to claim the $25,000 Section 179 writeoff plus the “regular” first-year depreciation writeoff. For example, say you spend $60,000 in 2008 to buy a new Cadillac Escalade that is used 100% in your business. You can generally claim the following first-year deductions on your business’s 2008 federal return: the $25,000 Section 179 writeoff plus $7,000 worth of regular depreciation [20% x ($60,000 – $25,000)]. So your first-year depreciation deductions add up to $32,000, or about 53% of the new Escalade’s cost. This is a far better deal than if you spent the same $60,000 on a new BMW used 100% for business (in that case, your first-year depreciation writeoff would be limited to about $3,000 under the so-called luxury auto depreciation limitations).June 6, 2008 at 1:58 PM #218639nostradamusParticipantharrybosch she could also be getting the heavy vehicle tax deduction. IRS section 179, form 2290. It’s a very fat deduction.
Writeoff for Heavy SUVs
Tax law allows you to claim the $25,000 Section 179 writeoff plus the “regular” first-year depreciation writeoff. For example, say you spend $60,000 in 2008 to buy a new Cadillac Escalade that is used 100% in your business. You can generally claim the following first-year deductions on your business’s 2008 federal return: the $25,000 Section 179 writeoff plus $7,000 worth of regular depreciation [20% x ($60,000 – $25,000)]. So your first-year depreciation deductions add up to $32,000, or about 53% of the new Escalade’s cost. This is a far better deal than if you spent the same $60,000 on a new BMW used 100% for business (in that case, your first-year depreciation writeoff would be limited to about $3,000 under the so-called luxury auto depreciation limitations).June 6, 2008 at 2:04 PM #218603TemekuTParticipantI’m sure she is very carefully following IRS Regs and reporting all income. Of course she is. How could she not? She couldn’t possibly be flying under the radar in the cash economy!
June 6, 2008 at 2:04 PM #218674TemekuTParticipantI’m sure she is very carefully following IRS Regs and reporting all income. Of course she is. How could she not? She couldn’t possibly be flying under the radar in the cash economy!
June 6, 2008 at 2:04 PM #218655TemekuTParticipantI’m sure she is very carefully following IRS Regs and reporting all income. Of course she is. How could she not? She couldn’t possibly be flying under the radar in the cash economy!
June 6, 2008 at 2:04 PM #218512TemekuTParticipantI’m sure she is very carefully following IRS Regs and reporting all income. Of course she is. How could she not? She couldn’t possibly be flying under the radar in the cash economy!
June 6, 2008 at 2:04 PM #218622TemekuTParticipantI’m sure she is very carefully following IRS Regs and reporting all income. Of course she is. How could she not? She couldn’t possibly be flying under the radar in the cash economy!
June 6, 2008 at 2:16 PM #218636CoronitaParticipantFLU, did you check the immigration papers on your lawn care professional? I am assuming he's cutting once a week. $40 a month – does that cover his gas? Is he pushing the old fashion reel mower around your yard? You know the one that requires a running start before hitting the grass.
First, the dude is asian. Second, he uses an electric mower (you know the one that you plug in to those funny little outlets that stick out from stucco walls). Third, he works on a few others on the street so it's a wash for him to add me.4th, my front lawn is a joke and I have no lawn in back, though I have a bunch of plants and bushes that need hedging occasionally, which he ends up using my sheers and edger (which is also electric). He does demand cash payment, but I don't know why π
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
June 6, 2008 at 2:16 PM #218527CoronitaParticipantFLU, did you check the immigration papers on your lawn care professional? I am assuming he's cutting once a week. $40 a month – does that cover his gas? Is he pushing the old fashion reel mower around your yard? You know the one that requires a running start before hitting the grass.
First, the dude is asian. Second, he uses an electric mower (you know the one that you plug in to those funny little outlets that stick out from stucco walls). Third, he works on a few others on the street so it's a wash for him to add me.4th, my front lawn is a joke and I have no lawn in back, though I have a bunch of plants and bushes that need hedging occasionally, which he ends up using my sheers and edger (which is also electric). He does demand cash payment, but I don't know why π
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
June 6, 2008 at 2:16 PM #218620CoronitaParticipantFLU, did you check the immigration papers on your lawn care professional? I am assuming he's cutting once a week. $40 a month – does that cover his gas? Is he pushing the old fashion reel mower around your yard? You know the one that requires a running start before hitting the grass.
First, the dude is asian. Second, he uses an electric mower (you know the one that you plug in to those funny little outlets that stick out from stucco walls). Third, he works on a few others on the street so it's a wash for him to add me.4th, my front lawn is a joke and I have no lawn in back, though I have a bunch of plants and bushes that need hedging occasionally, which he ends up using my sheers and edger (which is also electric). He does demand cash payment, but I don't know why π
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
June 6, 2008 at 2:16 PM #218670CoronitaParticipantFLU, did you check the immigration papers on your lawn care professional? I am assuming he's cutting once a week. $40 a month – does that cover his gas? Is he pushing the old fashion reel mower around your yard? You know the one that requires a running start before hitting the grass.
First, the dude is asian. Second, he uses an electric mower (you know the one that you plug in to those funny little outlets that stick out from stucco walls). Third, he works on a few others on the street so it's a wash for him to add me.4th, my front lawn is a joke and I have no lawn in back, though I have a bunch of plants and bushes that need hedging occasionally, which he ends up using my sheers and edger (which is also electric). He does demand cash payment, but I don't know why π
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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