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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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50% Bonus Depreciation
If you are benefiting from depreciating your vehicle for its business related percentage, take note of new bonus depreciation available. For all vehicles used more than 50% for business, purchased after May 5, 2003, and before January 1, 2005, you are permitted to expense upfront 50% of its basis multiplied by its business use. This upfront amount then gets deducted from its original basis, and the remaining basis is depreciated over the life of the vehicle. 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.
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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