$24,000 Tax Break for Business use of new PU
12-25-2002, 07:18 AM
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$24,000 Tax Break for Business use of new PU
[move]Talk To Your Accountant[/move]
In the Wall Street Journal, December 19, 2002 there is an article, "Tax Breaks for the Merely Affluent." It reviews a decades old tax law, partly then intended to help farmers ( like me,
) to buy pickup trucks for use on the farm. Yeah! 
Apparently, since SUV's qualify as light trucks people are using this law to take the deduction also - like on the Suburban, etc.
There is an immediate deduction of $24,000 - which grows to $25,000 in 2003 ( I know there was a reason I had to wait ;D ).... Plus, and until 2004, there is a bonus deduction of 30% of the rest of the cost of the truck, and both of these deductions are on top of the regular five-year depreciation that would apply to light trucks bought as BUSINESS TRANSPORTATION!!! The truck must weigh over 6,000 pounds and MUST be used for business. OK Shackley Ladies and gents, here is your chance to make some MONEY.
There are several groups taking aim at this loophole, but hopefully the wheels of the Guv will turn slowly enough, as it usually does, for all of us to take advantage of it while it lasts.
Now this is a good Christmas Present from Uncle. Thank you Uncle!
Apparently the article first appeared in the Detroit News. For details go to their website:
http://www.detnews.com/2002/autosins.../c01-38875.htm
In the Wall Street Journal, December 19, 2002 there is an article, "Tax Breaks for the Merely Affluent." It reviews a decades old tax law, partly then intended to help farmers ( like me,
) to buy pickup trucks for use on the farm. Yeah! Apparently, since SUV's qualify as light trucks people are using this law to take the deduction also - like on the Suburban, etc.
There is an immediate deduction of $24,000 - which grows to $25,000 in 2003 ( I know there was a reason I had to wait ;D ).... Plus, and until 2004, there is a bonus deduction of 30% of the rest of the cost of the truck, and both of these deductions are on top of the regular five-year depreciation that would apply to light trucks bought as BUSINESS TRANSPORTATION!!! The truck must weigh over 6,000 pounds and MUST be used for business. OK Shackley Ladies and gents, here is your chance to make some MONEY.
There are several groups taking aim at this loophole, but hopefully the wheels of the Guv will turn slowly enough, as it usually does, for all of us to take advantage of it while it lasts.
Now this is a good Christmas Present from Uncle. Thank you Uncle!
Apparently the article first appeared in the Detroit News. For details go to their website:
http://www.detnews.com/2002/autosins.../c01-38875.htm
12-25-2002, 08:52 AM
#2
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Re:$24,000 Tax Break for Business use of new PU
You gotta be kiddin'. ??? How much land qualifies as a farm? :P Go for it, man. Merry Christmas and Happy New Year (taking advantage of all of us poor "normal" working people while we work our butts off paying our taxes with no tax breaks). ;D ;D<br><br>Where did you dig this one up? Good man, there, Billy Boy.<br><br>JealousBob<br><br>
12-25-2002, 10:06 AM
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Re:$24,000 Tax Break for Business use of new PU
Hey Uncle Bob,<br><br>This is for you too. Sort of use your truck in your work transportation and you got it. No need to be a farmer! Check with your accountant.<br><br>Bill
12-26-2002, 01:37 PM
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Re:$24,000 Tax Break for Business use of new PU
So what this is saying is, my dad ( a buisness owner) could go up to the dodge place and pick himself out a 40K truck and immediatly get a 24K break on it 
and then have bonus reductions on that for depreciation? And to qualify he needs to <br>A) Be a buisness owner<br>B) Purchase a truck that weighs of over 6K pounds<br>C) Use if for work (like just driving it for work related things like the health care consultant in the article was probably doing)<br><br>Just seems to easy, me and my dad have a buisness together and we're both itchin to get an 03' 3/4 ton.
and then have bonus reductions on that for depreciation? And to qualify he needs to <br>A) Be a buisness owner<br>B) Purchase a truck that weighs of over 6K pounds<br>C) Use if for work (like just driving it for work related things like the health care consultant in the article was probably doing)<br><br>Just seems to easy, me and my dad have a buisness together and we're both itchin to get an 03' 3/4 ton.
12-26-2002, 01:50 PM
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Re:$24,000 Tax Break for Business use of new PU
That is what it seems to say. I would, of course, check with your accountant before making any purchases. It seems true, particularly since both the Detroit News and the Wall Street Journal reported it? Nice gift, no?<br><br>Good Luck.
12-26-2002, 10:53 PM
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Re:$24,000 Tax Break for Business use of new PU
OK, I'm thinking of using my ATV to plow a few local buisness' sidewalks...well, I need the truck to get the ATV there...what could I deduct? Keeping in mind this is very seasonal and it's not really a buisness?
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12-28-2002, 11:52 AM
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Re:$24,000 Tax Break for Business use of new PU
Very cool. Glad you posted this, and just in the nick of time. We are supposed to be going to pick up our new trucks Monday if all goes as planned. One more question though. Say me and my dad go and get our new trucks, he is technically the owner,(business is in his name and so on) would he be the only one eligible for the deduction? Or since they are both used as business trucks would they both qualify?
12-28-2002, 02:18 PM
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Re:$24,000 Tax Break for Business use of new PU
[move]Got To Ask Your Accountant - he can save you money, even if it costs a few bucks for the info[/move]
12-30-2002, 12:40 PM
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Re:$24,000 Tax Break for Business use of new PU
Before everyone gets all excited about this. One thing tou guys should know. You have to be a legally formed company to qualify for the deduction. If your not then your not entitled. :'(
12-30-2002, 04:43 PM
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Re:$24,000 Tax Break for Business use of new PU
"Before everyone gets all excited about this. One thing tou guys should know. You have to be a legally formed company to qualify for the deduction. If your not then your not entitled."<br><br>What it the definition of a legally formed company???????
