Last post on Oct 20, 2006 at 6:13 AM
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#61 of 65 Re: Very confused
Oct 09, 2006 (8:55 pm)
Very interesting debate, but can someone please explain the current policy on tax deductions for business vehicles? I will be leasing or purchasing a new vehicle for business use in less than 2 months, and am having trouble finding the policy for this. Can someone point me to the right place for this info? Thank you!
#62 of 65 Re: Very confused [dosei]
Oct 10, 2006 (12:03 am)
The IRS has basically closed the immediate deduction of the full amount of the vehicle..up to $100,000 , in one year.
If it is used for business, section 179 may still apply....
But your accountant may elect to do standard business deductions and then depreciate it in 5 years....
depends on how you do it.
Or you can lease it, and writeoff the lease payments.
don't forget to keep a detailed notebook of all the mileage and work events that you go to...
#63 of 65 Thanks
Oct 10, 2006 (9:49 am)
Highender thanks for replying
#64 of 65 Range Rover also qualifies
Oct 20, 2006 (6:13 am)
Another SUV that qualifies is the Range Rover, it's over the 6000 pound requirement.....the LandRover.com site has a whole section devoted to the small business use tax break
If I had a small business, I'd love to buy a Range Rover!