suv write off - Tilted Forum Project Discussion Community

imsaynn · 08-19-2006, 11:08 AM

Could, someone tell me how to write off a 2006 hummer weighing 6,000 pounds? I would like to know step by step. I heard small business owners can do this, but i never hear of how. Help me out!

Daniel_ · 08-19-2006, 11:36 AM

Do you mean a financial write off, or a physical write off?

imsaynn · 08-20-2006, 12:50 AM

I mean financial write off. The same as you would write off a regular business tool. So in the end the h2 (hummer) is free.

Plaid13 · 08-25-2006, 03:05 PM

If you used it as a work truck you might be able to get a tax writeoff on it but you would just get a break on the taxes would still need to make the payments. Thats the only thing i have ever heard of.

magictoy · 08-29-2006, 05:09 PM

I think that program is no longer in play. Better check that it didn't end in 2005.

thingstodo · 09-13-2006, 11:35 AM

If you own the vehicle personally you would keep records of all expenses and the miles you drive. Your work miles - less comute and personal miles - would be deductable as a business expense as long as you itemize. It is simpler to do this if you lease as you just write of a percentage of the lease payment. If you own the vehicle, you'd establish a depreciation schedule.

If the company own the vehicle - in other words, if it is registered in the company's name - you'd follow most of the same above but could write off or depreciate the entire amounf. Unless it is used for personal use at times.

Make sense?

fightnight · 09-13-2006, 12:59 PM

I actually heard of a business taking the hummer as a huge write-off and getting some sort of subsidy or something in addition. I don't know if this is even still legal, but in some states/places there were huge tax write-offs and even subsidies for buying farm equipment. The way they decided about the subsidy was that the owner had to live X number of miles from a big city (the way they decided you're a farmer), the vehicle had to weigh over X number of pounds (the way they decided it was farm equip). There may or may not have been other stipulations, but this is how it used to work. One of my buddie's dad's had a business acquaintence who did it I believe. Anyways, i'm sure you can google it and find the results you're looking for!

Cynthetiq · 09-13-2006, 03:04 PM

if you're looking to get it for "nothing" that's not the case. I do hope you understand "write off" doesn't equal "free."

Quote:

The Section 179 election is made on an item-by-item basis for eligible property. You don't have to use it on all eligible property bought in that year. The election must be made in the tax year the property is first placed in service.
The Section 179 deduction isn't automatic. Taxpayers who want to take the deduction must elect to do so. You make the election by taking your deduction on Form 4562. When you file this form, attach it to either of the following:

Your original tax return filed for the tax year the property was placed in service, regardless of whether you file it timely.
An amended return filed by the due date, including extensions, for your return for the tax year the property was placed in service.

Quote:

"Congress reversed itself last fall with passage of the American Jobs Creation Act of 2004 and cinched back the SUV loophole from $100,000 to $25,000 while retaining both the 50-percent bonus deduction and the five-year depreciation schedule. The deduction is claimed as a Section
179 expense, meaning you must be in business, filing a Schedule C or corporate tax return, to claim it."

the most important part of the "write off" explanation IMO. My accountant set me straight one year by telling me that I'm getting only 65 cents for every dollar I spend and if I wanted to give him the dollar and he'll give me back 65 cents, he'll do it until the cows come home or I learned the lesson.

Quote:

It is critically important to remember that tax deductions do not offset an expense 100%. "Even though a business expense can save you 30 to 65% in taxes -- depending upon your tax bracket and state and city tax rates -- never spend just to save taxes. It is not a dollar-for-dollar write-off."

08-19-2006, 11:08 AM	#1 (permalink)
imsaynn Upright	suv write off Could, someone tell me how to write off a 2006 hummer weighing 6,000 pounds? I would like to know step by step. I heard small business owners can do this, but i never hear of how. Help me out!

08-19-2006, 11:36 AM	#2 (permalink)
Daniel_ Evil Priest: The Devil Made Me Do It! Location: Southern England	Do you mean a financial write off, or a physical write off? __________________ ╔═════════════════════════════════════════╗ Overhead, the Albatross hangs motionless upon the air, And deep beneath the rolling waves, In labyrinths of Coral Caves, The Echo of a distant time Comes willowing across the sand; And everthing is Green and Submarine ╚═════════════════════════════════════════╝

09-13-2006, 11:35 AM	#6 (permalink)
thingstodo A Storm Is Coming Location: The Great White North	If you own the vehicle personally you would keep records of all expenses and the miles you drive. Your work miles - less comute and personal miles - would be deductable as a business expense as long as you itemize. It is simpler to do this if you lease as you just write of a percentage of the lease payment. If you own the vehicle, you'd establish a depreciation schedule. If the company own the vehicle - in other words, if it is registered in the company's name - you'd follow most of the same above but could write off or depreciate the entire amounf. Unless it is used for personal use at times. Make sense? __________________ If you're wringing your hands you can't roll up your shirt sleeves. Stangers have the best candy.

08-20-2006, 12:50 AM	#3 (permalink)
imsaynn Upright	I mean financial write off. The same as you would write off a regular business tool. So in the end the h2 (hummer) is free.

08-25-2006, 03:05 PM	#4 (permalink)
Plaid13 I want a Plaid crayon	If you used it as a work truck you might be able to get a tax writeoff on it but you would just get a break on the taxes would still need to make the payments. Thats the only thing i have ever heard of.

08-29-2006, 05:09 PM	#5 (permalink)
magictoy Crazy	I think that program is no longer in play. Better check that it didn't end in 2005.

09-13-2006, 12:59 PM	#7 (permalink)
fightnight Insane Location: The lovely Northeast	I actually heard of a business taking the hummer as a huge write-off and getting some sort of subsidy or something in addition. I don't know if this is even still legal, but in some states/places there were huge tax write-offs and even subsidies for buying farm equipment. The way they decided about the subsidy was that the owner had to live X number of miles from a big city (the way they decided you're a farmer), the vehicle had to weigh over X number of pounds (the way they decided it was farm equip). There may or may not have been other stipulations, but this is how it used to work. One of my buddie's dad's had a business acquaintence who did it I believe. Anyways, i'm sure you can google it and find the results you're looking for!