However, we have a wrinkle. For machinery including passenger cars, trucks and vans purchased after September 8, 2010 and before January 1, 2012 the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 increased first year bonus depreciation for NEW equipment purchased and placed in service to 100%. ...Technically, the law that established MACRS/IRS depreciation did not take into account future laws limiting passenger auto depreciation, nor bonus depreciation-therefore when 100% depreciation is taken, there is nothing left to depreciate... Read more »
Small Business Jobs Act-Misnomer?
Congress finally did something, only it wasn’t all of what we all have been waiting on. There still is no estate tax fix, no AMT patch, no reinstatement of Bush tax cuts, no decision on capital gains taxes and other tax breaks such as teacher’s supplies, college tuition etc. Look for these issues to [...] Read more »
Deducting Business Use Passenger Vehicles
Many business men and women use their own personal car, truck or van for their business. Others have put their personal vehicle in their business’ name. Still others have a fleet of passenger vehicles for the use of their business. Passenger vehicles are listed property which requires special documentation of [...] Read more »