Range Rover for Wife 6135 GVWR (company car, she works for my company as an employee)
SSR for me 6050 GVWR (I need a pickup truck to haul things if you know what I mean)
Tax savings on both: $36,000:lol :lol :lol
This is on top of the fact that the company is paying for both cars. This has to be criminal. I checked with my accountant and he gave me his blessing since my wife collects a paycheck and I have a 3rd car for our personal use. He also told me that this is probably the last year this credit is allowed. All the liberals are complaining about all of this. Thanks for the hanging chads or we wouldn't have this, eh? First thing Monday morning I'll be exchanging my plates to truck plates just in case...
I love Bush. I was thinking not to vote for him because of what Ashcroft is doing to our civil liberties (my liberal half rambling on) but $36k????? You've gotta love the man:cheers
Hey TE, you've gotta believe it's cool to have your whole community pay for your joy ride (in my case my wife's also). This may be at the cost of cutting social programs but who needs them anyways as long as I can enjoy my toys, right? :jester
Andy, why would you think I would get audited? I'm not doing anything illegal. Audit or no audit, it's the law. I can include company cars as expense. Most companies do. It does not raise a red flag with the IRS, it's less than 2% of my expenses and I have a 3rd car for personal use.
Now if you want to call the law stupid, I agree with you. Nonetheless, I will take advantage of it. Wouldn't you? It will change next year whether Bush gets re-elected or not. The environmentalists are having a fit over this law...
If the law says it is OK, than I see no problem. I'd take advantage of it also if possible (I own my own business too).
I spoke to my accountant, and he said that the vehicle is supposed to be USED FOR BUSINESS, not just purchased by a business. So if it is used 75% of the time for business, than only 75% is deductible etc., and no less than 50% is allowed.
I'm not an accountant, I'd just hate to see anyone busted by the IRS because of possible misinformation.
Anyway, I'm not here to rain on your parade so enjoy you new truck.
aaah, Andy, If we could all be as honest as your accountant, eh?
I only deduct the portion of my car expense that is used for business. Actually my accountant does all that. What's the worst thing that can happen? Get audited and they tell us that we have to pay back taxes with penalty. No sweat...