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Specialty Services - Professional Athletes - Tool & Resources - Articles and Publications |
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Stone Carlie Tax Tips Off the Bench |
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Increased Section 179 Expense Option
If you are benefiting from depreciating your vehicle for its business related percentage, take note of the increase in amount that can be expensed under Section 179. In 2003, the amount that can be expensed has increased from $25,000 to $100,000. This option can only be chosen if the vehicle is used more than 50% for business. For automobiles, the amount that can be deducted is limited to $7,650. However, vehicles above 6,000 pounds are not subjected to any annual limitation so you can get a nice first year write off from these heavy type (SUV) vehicles.
Keep in mind that you can only deduct the business use portion of the cost of the vehicle.
Contact for Additional Information:
Jeffrey F. Ward, CPA.CISA.CITP
101 South Hanley Road
Suite 800
St. Louis, MO 63105
(314) 889-1220
jward@stonecarlie.com |
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