Is it true that under some special legislation a business can purchase a new cargo van and write-off the entire amount in the year of purchase? I think there was a minimum weight required. If so, can the mileage deduction still be used for an additional source of income reduction? Thanks
Cargo Van write-off
- Thread starter jg
- Start date
HI JG
yOUR QUESTION IS:
Is it true that under some special legislation a business can purchase a new cargo van and write-off the entire amount in the year of purchase? I think there was a minimum weight required. If so, can the mileage deduction still be used for an additional source of income reduction? Thanks
THE ANSWER TO THIS IS PLAIN AND SIMPLE
YES!!!!!!!
UP TO $100,000, FOR 2004 INFLATION $102,000 BUT, THEN YOU CANNOT TAKE ANY OTHER DEPRECIATION OR THE STANDARD MILEAGE DEDUCTION IN ANY YEAR FOLLOWING. DUE TOP THE FACT THE THE VAN WOULD BE COMPLETELY DEPRECIATED.
SO MY ADVICE IS NOT TO TAKE DEPRECIATION
THERE IS AN EITHER OR SENARIO HERE. (CARGO VAN)
IF YOU TAKE DEPRECIATION OF THE 5 YEARS ALLOWABLE, IT WOULD BE BASED ON THE AMOUNT OF THE BASIS,
A; TOTAL SALE PRICE OF THE VEHICLE
B: LESS CASH DEPOSIT. CASH dEPOSIT IS USED AS A 179 DEDICTION
c; PRICE OF IMPROVEMENTS, BUILT IN SLEEPER, BULK HEAD, CABINETS, PLUS ANY OTHER ITEM THAT IS FIXED TO THE VEHICLE BECOMES YOUR BASIS.
D. DEPENDS UPON DATE THE VEHICLE IS FIRST PUT INTO SERVICE. AND WEATHER IT IS STRAIGHT LINE DEPRECIATION, OR THE USE OF THE 200%MACROS.
IF YOU USE THE DEPRECIATION METHOD, WITH A BRAND NEW VEHICLE
FUEL, TOLLS, REPAIRS, INSURANCE AND ANY OTHER VEHICLE EXPENSE IS DEDUCTIABLE, THIS IS THE ACTUAL EXPENSE ELECTION AND YOU CANNOT TAKE MILEAGE AT ANY TIME IN ADDITION FOR THE LIFE OF THE VEHICLE.
SO MY SUGGESTION IS TAKE THE MILEAGE ONLY.
fRANK
yOUR QUESTION IS:
Is it true that under some special legislation a business can purchase a new cargo van and write-off the entire amount in the year of purchase? I think there was a minimum weight required. If so, can the mileage deduction still be used for an additional source of income reduction? Thanks
THE ANSWER TO THIS IS PLAIN AND SIMPLE
YES!!!!!!!
UP TO $100,000, FOR 2004 INFLATION $102,000 BUT, THEN YOU CANNOT TAKE ANY OTHER DEPRECIATION OR THE STANDARD MILEAGE DEDUCTION IN ANY YEAR FOLLOWING. DUE TOP THE FACT THE THE VAN WOULD BE COMPLETELY DEPRECIATED.
SO MY ADVICE IS NOT TO TAKE DEPRECIATION
THERE IS AN EITHER OR SENARIO HERE. (CARGO VAN)
IF YOU TAKE DEPRECIATION OF THE 5 YEARS ALLOWABLE, IT WOULD BE BASED ON THE AMOUNT OF THE BASIS,
A; TOTAL SALE PRICE OF THE VEHICLE
B: LESS CASH DEPOSIT. CASH dEPOSIT IS USED AS A 179 DEDICTION
c; PRICE OF IMPROVEMENTS, BUILT IN SLEEPER, BULK HEAD, CABINETS, PLUS ANY OTHER ITEM THAT IS FIXED TO THE VEHICLE BECOMES YOUR BASIS.
D. DEPENDS UPON DATE THE VEHICLE IS FIRST PUT INTO SERVICE. AND WEATHER IT IS STRAIGHT LINE DEPRECIATION, OR THE USE OF THE 200%MACROS.
IF YOU USE THE DEPRECIATION METHOD, WITH A BRAND NEW VEHICLE
FUEL, TOLLS, REPAIRS, INSURANCE AND ANY OTHER VEHICLE EXPENSE IS DEDUCTIABLE, THIS IS THE ACTUAL EXPENSE ELECTION AND YOU CANNOT TAKE MILEAGE AT ANY TIME IN ADDITION FOR THE LIFE OF THE VEHICLE.
SO MY SUGGESTION IS TAKE THE MILEAGE ONLY.
fRANK
diamondusmc
Expert Expediter
Hello Frank, you have a lot of knowledge in the tax area for truckers and expediters. I have just started in the biz. And boy, do I have questions. I really need to talk to someone on all the right ways to file the taxes and on what receipts to keep etc. I live in Dearborn,MI. I do not know of whom I may contact to talk to about the subject. Any suggestions? If possible can you please suggest someone?
Thanks in advance, Dave
Thanks in advance, Dave
Dave wrote
<Hello Frank, you have a lot of knowledge in the tax area for truckers and expediters. I have just started in the biz. And boy, do I have questions. I really need to talk to someone on all the right ways to file the taxes and on what receipts to keep etc. I live in Dearborn,MI. I do not know of whom I may contact to talk to about the subject. Any suggestions? If possible can you please suggest someone?
Thanks in advance, Dave >
Hi Dave,
IN ANSWER TO YOUR QUESTION:
YOU CAN CONTACT ME DIRECTLY VIA MY DIRECT E-MAIL ADDRESS OF [[email protected]] OR BY CALLING ME AT (704) 739-4039- 9AM TO 3PM MONDAY-THURSDAY TILL THE END OF THIS MONTH (NOV) AND 9-5, M-F NEXT MONTH THROUGH JANUARY 15. THEN WE WILL BE IN TAX SEASON AND THE HOURS WILL VARY. I AM HERE FOR YOU, AND THERE IS NO COST FOR THE INITIAL CONSULTATION.
THERE IS ALSO A WEB SITE THAT YOU CAN DOWNLOAD OR REQUEST A COPY OF THIS BASIC TRUCKING MANUAL THAT IS AVAILABLE TO YOU AT NO CHARGE.
THE SITE IS AT [www.partners-in-business.com]. THIS MANUEL IS PUBLISHED BY VOLVO TRUCKS AND ROAD KING MAGAZINE AND WILL GIVE SOME OF THE WHEN, WHERE, WHATS OF THIS INDUSTRY. THIS COVERS MAINLY O/O TRACTOR TRAILER DRIVERS AND WHAT TO DO BUT IT DEFINITELY DOES PERTAIN TO ALL PERSONS INTERESTED IN BECOMING O/O'S
FRANK
FRANK'S TAX & BUSINESS SERVICE
226 S. CHEROKEE ST.
KINGS MOUNTAIN, NC 28086
704-739-4039
FAX: 704-739-3934
CELL: 704-300-5143
<Hello Frank, you have a lot of knowledge in the tax area for truckers and expediters. I have just started in the biz. And boy, do I have questions. I really need to talk to someone on all the right ways to file the taxes and on what receipts to keep etc. I live in Dearborn,MI. I do not know of whom I may contact to talk to about the subject. Any suggestions? If possible can you please suggest someone?
Thanks in advance, Dave >
Hi Dave,
IN ANSWER TO YOUR QUESTION:
YOU CAN CONTACT ME DIRECTLY VIA MY DIRECT E-MAIL ADDRESS OF [[email protected]] OR BY CALLING ME AT (704) 739-4039- 9AM TO 3PM MONDAY-THURSDAY TILL THE END OF THIS MONTH (NOV) AND 9-5, M-F NEXT MONTH THROUGH JANUARY 15. THEN WE WILL BE IN TAX SEASON AND THE HOURS WILL VARY. I AM HERE FOR YOU, AND THERE IS NO COST FOR THE INITIAL CONSULTATION.
THERE IS ALSO A WEB SITE THAT YOU CAN DOWNLOAD OR REQUEST A COPY OF THIS BASIC TRUCKING MANUAL THAT IS AVAILABLE TO YOU AT NO CHARGE.
THE SITE IS AT [www.partners-in-business.com]. THIS MANUEL IS PUBLISHED BY VOLVO TRUCKS AND ROAD KING MAGAZINE AND WILL GIVE SOME OF THE WHEN, WHERE, WHATS OF THIS INDUSTRY. THIS COVERS MAINLY O/O TRACTOR TRAILER DRIVERS AND WHAT TO DO BUT IT DEFINITELY DOES PERTAIN TO ALL PERSONS INTERESTED IN BECOMING O/O'S
FRANK
FRANK'S TAX & BUSINESS SERVICE
226 S. CHEROKEE ST.
KINGS MOUNTAIN, NC 28086
704-739-4039
FAX: 704-739-3934
CELL: 704-300-5143
I've checked that website periodically and it always says the manual is out of stock. I've downloaded the chapters that are online however the forms etc. aren't available. If you find a way to get the complete thing please let us know. As it is you can't get a manual... or I'm too dumb to figure out how to get it.
Leo
truck 767
Support the entire Constitution, not just the parts you like.
Leo
truck 767
Support the entire Constitution, not just the parts you like.
HI LEO,
IF YOU SEND ME A REGULAR E-MAIL TO [[email protected]]. I HAVE THE MANUAL IN THE BOOK FORM WHICH I HAD ORDERED 2 YEARS AGO, THE FORMS ARE ALREADY COPIED AND READY TO BE SENT. THEY ARE IN EXEL AND WORD FORMAT. SO YOU WOULD NEED BOTH PROGRAMS.
THERE IS A POSSIBILITY THAT THEY ALSO COULD BE CONVERTER INTO MSWORKS SUITE OR WORD PERFECT.
THESE FILES CAN NOT BE ATTACHED TO THESE MESSAGES
FRANK
IF YOU SEND ME A REGULAR E-MAIL TO [[email protected]]. I HAVE THE MANUAL IN THE BOOK FORM WHICH I HAD ORDERED 2 YEARS AGO, THE FORMS ARE ALREADY COPIED AND READY TO BE SENT. THEY ARE IN EXEL AND WORD FORMAT. SO YOU WOULD NEED BOTH PROGRAMS.
THERE IS A POSSIBILITY THAT THEY ALSO COULD BE CONVERTER INTO MSWORKS SUITE OR WORD PERFECT.
THESE FILES CAN NOT BE ATTACHED TO THESE MESSAGES
FRANK