That Pesky Bonus Depreciation & Automobiles — 2011 Taxes

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 »