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Old 02-14-2011, 04:51 PM   #1
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Anybody using SMB as tax write-off?

Hey all,

Just wondering if anyone has purchased their SMB for their business? You know, a business necessity...

Maybe you're in the restaurant biz, and you need a new catering van? Maybe a photographer needs a vehicle to get outdoors?

Anyways, I'd be interested in hearing you're creative, yet essential, use of your SMB while conducting business...

f.
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Old 02-14-2011, 07:17 PM   #2
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Re: Anybody using SMB as tax write-off?

Nah. Just a money write-off.
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Old 02-14-2011, 07:33 PM   #3
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Re: Anybody using SMB as tax write-off?

Put mine under a home equity loan so I get a little.
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Old 02-14-2011, 08:45 PM   #4
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Re: Anybody using SMB as tax write-off?

Classified as an RV, it could be considered a second home write off, if you have a loan on it.
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Old 02-15-2011, 09:43 AM   #5
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Re: Anybody using SMB as tax write-off?

Yes Frostyone, I'm able to deduct a certain amount for my business. I'm an artist, so it's important to be able to get to those sometimes hard-to-get-to places to paint, among other areas. I also take many photos for future references, if time is limited for painting. I also need to keep a detailed log of those trips for the tax man. On trips when I don't paint, I don't report them, of course. Alice is my only vehicle. also.

I hope this helps.

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Old 03-05-2011, 05:42 AM   #6
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Re: Anybody using SMB as tax write-off?

I write mine of I need it on those snowy nasty days to get to my customers so I can service there fire places. I so love being in business every thing I di is a write off. And my other business is and off road shop so I need to get the shop rigs to the events . So yes tax write off
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Old 03-05-2011, 08:35 AM   #7
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Re: Anybody using SMB as tax write-off?

I claim actual work expenses on my van and truck camper. Usually I am able to write off 95% or so of their total costs each year. Payments, repairs, gas, improvements....etc.

Make sure you track actual mileage or it could trigger an audit.

Usually a vehicle is one of the largest write offs you can take each year.
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Old 03-06-2011, 06:44 PM   #8
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Re: Anybody using SMB as tax write-off?

Has anyone else taken the 179 depriciation deduction on their rigs? My CPA has been bugging me for years to buy a vehicle with a gvwr over 6000 lbs so I could take this deduction. He buys a new truck every other December for the write off. I finally purchased my rig this last year. God bless America!

from Wikipedia (so you know it's legit )
179 Depreciation Deduction
Up to $25,000 of the cost of vehicles rated at more than 6,000 pounds gross vehicle weight and not more than 14,000 pounds gross vehicle weight can be deducted using a section 179 deduction. This deduction was enacted decades ago to assist self-employed people in purchasing a vehicle for business use. The weight minimum was intended to limit it to commercial-type trucks. For many years, the deduction remained below the average cost of a new vehicle, since large trucks were relatively inexpensive. Since it is a reduction in taxable income, the after-tax value of this deduction averages 30% of the price of the vehicle in question.

The increasing popularity of large vehicles such as sport utility vehicles in the last decade, however, pushed their average price to nearly double the average passenger car cost. In response, the 2002 Tax Act increased this deduction to $75,000, and it rose again to $100,000 for the 2003 tax year. This was more than three times the current average cost of a passenger car in the United States, and covered a large number of luxury models.

Critics who felt that this deduction unfairly benefit buyers of heavy, and thus fuel-inefficient, vehicles. Indeed, the actual value of this deduction is far larger than the exemptions offered for alternative fuel vehicle purchasers. Further, some who have suggested creating a small business simply to exploit this "loophole". Proponents who contend that it benefits both small business owners and the United States automobile industry. Congress has since lowered the allowable deduction: as of October 22, 2004, only $25,000 may be deducted using section 179. In contrast, the maximum first year deduction for a passenger automobile is $10,610. Any excess cost may be deducted in future years.
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Old 03-07-2011, 08:16 AM   #9
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Re: Anybody using SMB as tax write-off?

I use Section 179 whenever possible. Many times with vehicles.
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