Tax Advantages to the H2

[Mully]

I know I am late to the party on taking the tax deduction for having a vehicle over 6000lbs. and being an independent contractor, but, I just heard this was the last year to get it. Is that true? I am imagining they might have changed it, again, but completely cancelled it?

Any CPA's or people in the know on this one?

Thanx.

[h2co-pilot]

I think the House is going to revise it soon but I am unsure when. You would want to refer to Sec. 179 carefully and watch how you claim your use percentages (personal/business). This is the latest update from the IRS>

http://www.irs.gov/businesses/small/...137022,00.html

[Mully]

I know I am late to the party on taking the tax deduction for having a vehicle over 6000lbs. and being an independent contractor, but, I just heard this was the last year to get it. Is that true? I am imagining they might have changed it, again, but completely cancelled it?

Any CPA's or people in the know on this one?

Thanx.

[Mully]

That is great! Thank you for finding that one for me. If I am reading it right it looks as if there is a...

$25,000 deduction for the Section 179 Expense deduction (for the first year only)

Bonus depreciation (also only for the first year), and

Annual depreciation.

Whew! Taxes

I gave back nearly a quarter of my earnings last year and I don't want to do it again. I'll play their games