Meet taxpayer Arthur E. Boyce. On a day not too long ago he bought a new truck from Dan Wiebold Ford Inc. Then he claimed a $28,749 Section 179 deduction for the cost of the vehicle. “Deduction denied!” ruled the IRS. It claimed that Boyce leased the truck from the dealer. Boyce took the case to court and lost. “Sorry” said the court, “but no $28,749 deduction for … [Read more...]
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2018 last-minute vehicle purchases to save on taxes
Do you need a replacement business car, SUV, van, or pickup truck? Then hurry to your dealership and buy now! No. I’m not a car dealer trying to make a sale. I’m an accountant trying to get you a big tax deduction for 2018! Here’s the story… Thanks to the Tax Cuts and Jobs Act, you can now write off the cost of a vehicle-purchase faster than ever before, including, in … [Read more...]
2018 last-minute year-end tax deductions for existing vehicles
December 31 is right around the corner. Which means now is the time to take advantage of vehicle deductions. I’m talking about extremely valuable deductions you may be able to take on your currently-driven business cars, SUVs, trucks, and vans. But time is running out and you need to act before the end of the year. That’s why I urge you to take a minute right now and read … [Read more...]
Four 2018 last-minute Section 199A tax strategies
2018 is the first year you need to do year-end Section 199A tax planning. And if you fail to plan, there are consequences. Big consequences. For starters, you could miss out on the huge 20-percent deduction you may be entitled to. Ouch! But don’t worry. It’s not too late to bring your Section 199A deduction back to life. The first thing you need to do is take a minute … [Read more...]
Drive-time increases odds of deducting rental-property losses
It’s a fact … Your rental properties can provide a valuable tax shelter when you deduct your rental losses against other income. One important step to take if you want to deduct your losses is to pass the tax code’s 750-hour test. It’s one of the ways taxpayers get to prove that they are real-estate professionals. (See more about this below.) Looking for ways to accrue … [Read more...]