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Go Back   Hummer Forums by Elcova > Hummer H2 Discussion Forums > General H2 Discussion

 
 
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Old 06-21-2006, 12:39 AM
robd1 robd1 is offline
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Join Date: May 2006
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Default Re: Any tax breaks left for buying an H2?

Ok my CPA called and confirmed the ?up to $25,000? first year write-off for business owners. He said there are variables that will influence the total but overall to expect around a $20-25k write-off. So Racer-X was dead on in his earlier post, thanks man.

The CPA also confirmed that commuting miles do not count. He said to log my miles and to be as detailed as possible which backs up what Mr. I-man was saying about his current audit. I asked him if badging out my hummer with company emblems/paint job would help but he discouraged it in my situation. He basically told me in so many words, to log and be able to backup what Mr. I-man said earlier. I?ve probably got several audit flags this year with starting a new business so I?m gonna play it by the numbers and just log everything.

So now the hard decision, should I spend $20-$25k to trade my 05? black loaded Ford Lariat (with 4k miles) for an 05? black H2 Lux SUT (with 4k miles)? Or do I keep my Ford and just pay the same $20k-$25k in taxes next year? Hmm?.

Rob
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