Getting towards the end of the year and “write off” time. Any basics for the IRS to follow? I remember last year buy a big truck and write it off in full was the big push from the dealers, Could’nt cause not enought money at the time, but maybe this year………
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Have a kid......quick!
Lemme get this straight....
YOU BANNED REZ?!?!
Holy bagels and lox Batman!
Just had my fourth baby (well the wife did) in july. I shouldnt have to pay tax for another 10-15 years. :)
I dunno... can you do that? I would think with a major equipment item like that it would be depreciation and not a one-time expense. Might be a good time to buy an American made truck as the manufacturers all seem to be pushing hard.
David---there is something called( I think) sec. 179
you can buy a truck or other large equipment and write it off in one year.
Very helpfull if you are having an unusually good year and need to buy a truck anyway----or if you are able to shift income from one year into another year etc.
I have done it 2 or 3 times. you can make more money with a pencil than with a hammer.
Stephen
you can make more money with a pencil than with a hammer
Exactly what is wrong with this business, this country and the world in general!!
Mr. T. MOTOL
"They keep talking about drafting a constitution for Iraq. Why don't we just give them ours? It was written by a lot of really smart guys, it's worked for over 200 years, and we're not using it anymore."-- George Carlin
"I think natural selection must have greatly rewarded the ability to reassure oneself in a crisis with complete bull$hit."
I'm Swiss!
Edited 10/20/2005 5:39 pm ET by MisterT
what's that?
the smart kids finish first?
Jeff Buck Construction
Artistry In Carpentry
Pittsburgh Pa
only if they decide to skim off of the hard working ones
Mr. T. MOTOL
"They keep talking about drafting a constitution for Iraq. Why don't we just give them ours? It was written by a lot of really smart guys, it's worked for over 200 years, and we're not using it anymore."-- George Carlin
"I think natural selection must have greatly rewarded the ability to reassure oneself in a crisis with complete bull$hit."
I'm Swiss!
It all depends on your perspective Mr.T
Wouldn't you make more money if you sat down with a pencil and paper and thought through your projects BEFORE you built them----anticipating problems---AND their solutions BEFORE they occur?
Personally---I am simply not bright enough to think fast on my feet.
so I try to compensate for that shortcoming by thinking things through AHEAD of time.
Best wishes to you,
Stephen
"only if they decide to skim off of the hard working ones"
that's one of the things I try to tell my kid at least once a day ...
Jeff Buck Construction
Artistry In Carpentry
Pittsburgh Pa
Cory is gonna be a top notch guy!!
already is!!
in spite of his upbringing!!!
:)
Mr. T. MOTOL
"They keep talking about drafting a constitution for Iraq. Why don't we just give them ours? It was written by a lot of really smart guys, it's worked for over 200 years, and we're not using it anymore."-- George Carlin
"I think natural selection must have greatly rewarded the ability to reassure oneself in a crisis with complete bull$hit."
I'm Swiss!
ya never know ... my Dad always told me I was too smart to work with my hands ...
Use yer brain instead, he said ...
maybe Corey will listen?
Jeff Buck Construction
Artistry In Carpentry
Pittsburgh Pa
My last boss asked one day if Jacob had any interest in being a carpenter like me.
I said if he did I would slap him till he thought better!!
Mr. T. MOTOL
"They keep talking about drafting a constitution for Iraq. Why don't we just give them ours? It was written by a lot of really smart guys, it's worked for over 200 years, and we're not using it anymore."-- George Carlin
"I think natural selection must have greatly rewarded the ability to reassure oneself in a crisis with complete bull$hit."
I'm Swiss!
Go and see your accountant and get a status report.
If he's good he will show you how to achieve your goals (new truck, less taxes, whatever) and you will be assured it will work out.
Best $2-500 you could spend.
Jon Blakemore
RappahannockINC.com Fredericksburg, VA
Your accountant will give you a better answer for biz/tax "best" cases.
I'm guessing that there will be a slump of sorts (or there will be publicized as a slump) towards the end of heating season, in trucks and other large vehicle. So, that might be the time to buy for the best prices. Which, in that most contrarian way, will likely be the least best time for biz/tax purposes.
I usually find myself buying in March for that reason - good prices when nobody is buying gives me good bargaining power. I use sec 179 too if I pay cash but if I extend the payments, I want to extend the depreciation.
Welcome to the Taunton University of Knowledge FHB Campus at Breaktime. where ... Excellence is its own reward!
I am under the impression that the write off under section 179 ( vechiles over 6000lbs) ended last year???
Maybe, I have used it for vehicles for fifteen or twenty years though
Welcome to the Taunton University of Knowledge FHB Campus at Breaktime. where ... Excellence is its own reward!
http://www.irs.gov/publications/p946/ch02.html
Do not think new rules are out. It seems that the upper $ limits and SUV part are what expired.
I believe you are right.-----Probably because Dentists were using it to subsidize purchasing Humvees.
stephen
Thanks for the link but like all irs links the example has me spending $400K plus!!
Not sure but I think they upped the G V W to eliminate the Humvee/SUV loophole.