IRS Section 179 Deduction- SUVs over 6000 lbs

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abcd1234

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Are there any accountants on here?  Do you have to have a corporation to do this?  What if you have an LLC?  Can you still qualify for this?
 
abcd1234 said:
Are there any accountants on here?  Do you have to have a corporation to do this?  What if you have an LLC?  Can you still qualify for this?
Click to expand...

Is the car used 100% for business?  Or can it be used for personal use?  There's some variables that go into getting the answer.
 
Not 100%- it's not like my husband would use my car to run to the grocery store- for example- but he would use it to visit his clients. 

 
abcd1234 said:
Not 100%- it's not like my husband would use my car to run to the grocery store- for example- but he would use it to visit his clients. 
Click to expand...

The IRS allows up to $25K up front depreciation (100%) for SUV over 6,000 lbs PLUS 50% Bonus Depreciation for NEW vehicles which will get close to that figure. The vehicle must be driven over 50% of the miles for business purposes and you must reduce the $25K by the personal use percentage and has to have been purchased brand new.

See more at -http://www.financialsamurai.com/tax...g-as-a-business-expense/#sthash.eVMQNTD8.dpuf
 
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