I.R.S. question.......

[Dink]

Years back, there was an incentive in place for small businesses. You could buy a heavy duty truck (Cummins 2500 or 3500 pickup) and write it off at the end of the year. I already depreciate my vans and such, but this sounded different.

Anyone take advantage of this?
How's it work?
And most importantly.......is it still available?

[weedeater]

there use to be a bigger write off on vehicles with a 6500lb gvw which most trucks reach now, I use this for my business and if I rremember right it allows you to right a bigger percentage of truck cost off.... I have a tax guy that worries about this stuff for me

[Dink]

Ok.....I thought it was a total write off

[goldenrod]

I was told this is the last year to right off alot of vehicle expense. Next yaer the max right off for any company will be 25,000 for vehicle expenses. Chicken may be able to tell us a little more about this.

[weedeater]

Originally Posted by Dink

Ok.....I thought it was a total write off

it may be but its been a few yrs since I did that..... now days a Toyota Tacoma has the gvw needed

[Raymond]

This is the tax scheme that brought us all the Hummers since you could write off 100% the first year. If I am not mistaken, it was part of the Farm Bill but a dealership in Dallas used it to become the #1 Hummer dealership in the nation and start the trend. I also believe it had a sunset provision in the bill or they wised up.

[flounder_smacker]

Yeah it was called the hummer tax. Their is a new one though that you have to meet certain criteria. Can't remember the name of it but its basically refined so they make sure you are actually buying the vehicles for work and not play.

[southern151]

[QUOTE=flounder_smacker;582664]Yeah it was called the hummer tax. QUOTE]
I refer to that as "giving my wife a credit card" tax.

[Raymond]

[quote=southern151;582687]

Originally Posted by flounder_smacker

Yeah it was called the hummer tax. QUOTE]
I refer to that as "giving my wife a credit card" tax.

She'll give you a "Hummer" errytime she gets a credik card??

[southern151]

[quote=Raymond;582693]

Originally Posted by southern151

She'll give you a "Hummer" errytime she gets a credik card??

The price I have to pay man...The price I have to pay!

[Dink]

[quote=southern151;582687]

Originally Posted by flounder_smacker

Yeah it was called the hummer tax. QUOTE]
I refer to that as "giving my wife a credit card" tax.

Ill ask her about that next time I'm over there. One of us will get slapped I'm sure

[southern151]

[quote=Dink;582725]

Originally Posted by southern151

Ill ask her about that next time I'm over there. One of us will get slapped I'm sure

It'll be you because I'm quite certain that, by that point in the day, I'll have already been slapped for something else!