Reduced Sec. 179 For Vehicles?
Subject: your comment about vehiclesHello Kerry,In searching on the net for some credible comments about expensing 100% of movable business property, your website was the only one I found that seemed to have any straight forward comments. What I've found varies so widely, it all would go good with an Alice in Wonderland story. Also, what I've read (including on the IRS website) is that trucks with GVW over 6,000 had reverted back to a $2,600/yr max expensing, yet I had heard and read that the 100% (up to 100,000) had been extended, but all comments seem to be vauge at best. Other than your website, can't find much on this subject.Is per what you have posted on your website correct, that trucks with a GVW over 6,000 can still be expensed out in one year? Did the IRS/congress indeed extend this through 2009 or ?I found your website refreshing, as you seem to not beat around bushes. Also, it appears you are in Arkansas. Am looking to maybe find a state to live in where the real estate markets haven't gone out through the roof... Do you do CPA work in just a particular location in Arkansas? Does Arkansas have a personal income tax or corporate income/franchiese tax?Thanks!
I'm not sure where that rumor started about the reduction in the vehicle Section 179, but that's completely bogus. As I've explained several times, the 6,000 pound exception to the Luxury Vehicle rule has been around since 1984 and has never been repealed.
I have a lot of info on Section 179 on my website.
As I frequently explain to people who ask me to prove that a certain item of tax law hasn't been changed, it's difficult to prove a negative (that something hasn't happened) and I don't have time to debunk every crazy tax rumor that's floating around. The burden of proof should be on those who claim that something has changed. Make those people who are telling you that the law has been changed prove their statements
Arkansas does have an income tax on both individuals and corporations. You can see the rates and other details on the DFA's website.
As you can see in my email signature, I haven't been accepting any new clients for a number of years and don't know if or when I will take any new ones on.
Good luck. I hope this helps.
Hello Kerry,I can see why you're booked up. Your web page below is very clear and straight forward. I'm amazed from what I found on many other "tax" sites and even when searching the IRS website about this, what I found was that for vehicles over 6,000 GVW, the yearly maximum had reverted back to something like 2,600, and yes, I kept trying to make sure I was searching for trucks, not SUV's. It's hard to find competent and knowledgable tax accountants. Appreciate the feedback and best wishes.