Hey thre guys,
My father is a CPA and here it is as its explained to me:
Section 179 states that in the first year you can take a 100% deduction from $1.00 - $100,000.
So, you can write off your entire truck in the first year, the only catch is that it cannot create a loss. Example: Truck is worth $55,000 and your company only made a prfit of $40,000, you can only write off $40,000 in the first year. As well, if your company made higher than the total cost of the vehicle, you can write off the entire amount. If you choose not to write off the entire amount in the first year, you can write off up to $7,000 a year after that. ( But he states that those laws change frequently, and if you are able to, write off asa much as you can in the first year)
Disclaimer: This is all info that I just had explained to me by my father who is a CPA, I am not. I design and build houses, so if some of this is a little jumbled, its only because I don't speak accountant language, and am trying to decipher it the best I can.
Hope this helps. If you have any other questions I can try and help as best I can.
Kevin
2003 Pewter H2, Tire relocator, painted hard tire cover, billet gas cover, MC2 chrome hood handles, stainless bumper letters, 15% tinted front windows,pioneer nav/dvd, xm sat, headrest monitors, tv tuner, defenderworx hood latches, side vents, and marker bezels.
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2003 Pewter H2, Tire relocator, painted hard tire cover, billet gas cover, MC2 chrome hood handles, stainless bumper letters, 15% tinted front windows,pioneer nav/dvd, xm sat, headrest monitors, tv tuner, defenderworx hood latches, side vents, marker
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