gross vehicle weight, fully loaded?
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Re: Re: gross vehicle weight, fully loaded?
The tax write-off is still here. It was $25,000, was bumped to $100,000 for a couple years, and now is back down to $25,000. There are a few existing threads that discuss this. Vehicle weight needed to qualify is 6005 pounds gross. 2004's do not qualify. 2005, V8, 4x4 do qualify.
Hitman said:
The tax write-off is still here. It was $25,000, was bumped to $100,000 for a couple years, and now is back down to $25,000. There are a few existing threads that discuss this. Vehicle weight needed to qualify is 6005 pounds gross. 2004's do not qualify. 2005, V8, 4x4 do qualify.
Hitman
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Re: Re: Re: gross vehicle weight, fully loaded?
I know the write-off is still here, but I was talking about the $100,000 limit going bye-bye.
I think a lot of people misunderstand the limits anyway. It's not like you'll ever see that kind of money... it's just a maximum limit on a deduction, which means it will only save you a fraction of the "limit" anway.
Not to mention the fact that it has to be a business write-off. Is it really worth it for the average business owner now? Probably not when we're talking about a $50K Hummer H2 that he or she will use to cruise around in.... I think this is the major reason why the tax laws were changed.
Faeylyn said:
I know the write-off is still here, but I was talking about the $100,000 limit going bye-bye.
I think a lot of people misunderstand the limits anyway. It's not like you'll ever see that kind of money... it's just a maximum limit on a deduction, which means it will only save you a fraction of the "limit" anway.
Not to mention the fact that it has to be a business write-off. Is it really worth it for the average business owner now? Probably not when we're talking about a $50K Hummer H2 that he or she will use to cruise around in.... I think this is the major reason why the tax laws were changed.
Mark86 said:The only thing I can think of is the new engine. Maybe with 35 more horses and 10 more ft lbs of torque, it increased the weight by 250 pounds!!
The curb weight difference between the 2004 and 2005 SE is just 15 pounds. The other models are slightly more. Maybe some slight suspension tweaks to help justify the change in ratings, but not much.
RaysMD said:
Ask your accountant. Not an accountant, YOUR accountant. Every situation is different. Some businesses must differ the writeoff until a later date. Some can take it immediately. Assuming you have some kind of passthru company (sole prop, some llcs, some s-corps, etc.), you would have to itemize deductions and file a schedule-c (which you already do). But every situation is different. See your accountant.
BTW, after all is said and done, a car that costs about $35,000 like the 4runner would bring about a $28,000 maximum deduction for the first year. If you only drove it 50% for business (and you have to drive it at least 50% for business), that would bring it down to about a $14,000 deduction. If you made $100,000 in the year you take the deduction, it would be as if you made $86,000 for tax purposes. Which would save you about $4 to 5K in real dollars.
and speaking of this....I was very upset today when my accountant asked me about my new truck, as he felt certain it would easily meet the 6000. It's under. Very upsetting, although he said I could still take 8000 off for depreciation. The full 50% would have been nice~
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