Business Car Deductions

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Business Car Deductions

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Total visits: 194
Posted on: 30th Sep 2013

Interpretation of the impact of the

�American Taxpayer (NON) Relief Act

of 2013� will have on home-business

owners�


SECTION 179 SURVIVES, BUT SMALLER


Section 197 �Accelerated Depreciation�

lets business owners get large front-end

depreciation on new business property

bought in 2013, up to a max of $139,000

if purchased and put into use in 2013.


OOPS!  ONE EXCEPTION


The biggest type of business property we

home-business owners tend to make is a

new business CAR, right. Well, about that.


It doesn�t exactly qualify for �up to $139,000�

in accelerated depreciation. The �luxury car�

limits supersede the Section 179 limits.


Maximum first year depreciation for a new

business car would be $11,160, including

the 50% bonus depreciation.  It�s a little

tricky so you might want to consult with a

tax pro before you commit to buying a new

vehicle that will be used more than 50%

for business.


SPEAKING OF TAX PROS�


I hope you�re not really planning again to

do your own taxes or, even worse, to go

to one of those chain-tax-prep-mills.


Neither of those options is saving you any

money!  Do it right this time.  Work with a

tax professional who is Certified in Home-

Business Tax Law.  Their names, bios and

contact info are available


Click Here


 


Personally, I have never met a home-business

owner who, at the end of the day, could say that

the tax pro didn�t save them waaaaay more than

they charged them.  This is one time that

spending a little will save you a lot!


GOT SOME MONEY TO GIVE AWAY?


The annual exclusion on taxes for gifts is up to

$14,000 for 2013.  That�s per person, per year.


AS PROMISED: �STICK IT TO THE RICH!�


Yep, the top tax rate has jumped from 35% to

39.6%.  (Hey, that does sound a lot lower than

40% doesn�t it?)


That rate applies to all individuals making above

$400,000, and to marrieds filing jointly who earn

$450,00 or more.


DISCOVER MORE CLICK THIS LINK!



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