A tax break for the small business owner

Joel Hawley

Joel Hawley

New member
Some of you may already know this but i though I would share it just the same.

http://www.detnews.com/2002/autosinsider/0212/18/c01-38875.htm

You need to check with your tax people to see exactly how they determin the vehicle weight. If it is GVWR or shipping weight.

But the above link gives a good overview and list the eligible vehichles.
 
Ya that one would be no problem Steven, where the grey area is at is on the F-150, A super cab4x4 has a shipping weight of around 5700 pounds and a GVWR of about 4800 but if you get the optional 7700 GVWR Package that puts you over the 6000 pound mark.

What i am trying to find out is if I buy A used F-250 4x4 for $24000 can I write the whole thing off the first year or does it have to be a new truck.
 
Call your accountant and ask him. He should be able to give you and answer immiedetly.

I bought a New Dodge Dually back in 97 and I can't remember if I wrote the whole thing off in one year. The tax laws could be different today. I generally write off whatever I can each year without worrying about doing it over a couple of years)Depreciation) so that way I get the largest return from IRS each year.

The reasons I do this is because for one, I have another job that supports me where the IRS return money is just money in the bank where I don't need to live off it whereass some fulltimers need the write offs spread over a few years to help them have money to live off of each year from there IRS returns. This to me is a big Benny to have where alot of fulltimers don't have this luxury.(The old and worn out part timer to fulltimer debate).
 
Joel


You can write off a used vehicle.
 
Joel

You might be better off to deperaciate it out over 5 years since you are new. That way you can write off the smaller things as you go. I am not sure what the limit this year is but you don't want to max it out on just the truck. I can help you with a good accountant if you need one. I have been using him since day 1.
 
Joel

Steve is correct - you want to depreciate the truck. You may also be able to depreciate your computer, equipment, etc. I also know a good accountant - Me
 
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