title>Tax Guru-Ker$tetter Letter Wizard Animation

                 

Tax Guru-Ker$tetter Letter
Wednesday, January 29, 2003
 
Section 179 Expensing Election

It seems like a lot of people were not aware of the ability to claim the very lucrative Section 179 expensing election for business vehicles weighing more than 6,000 pounds. It's only been the law since 1984; so it takes a while to filter out into the tax practitioner community.

I have had some people asking about going back and claiming it for past years. Unfortunately, that isn't possible. As with many tax return elections, they can only be made on original tax returns or on amended ones that are filed by the due date (including extensions) of the original return. That kind of thing is the reason that it has always been my policy to file tax returns late rather than rush something together that can't be changed, such as the Section 179 election. I still have several 1999, 2000 and 2001 tax returns in process.

KMK

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- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 1/29/2003 09:54:00 PM Send this post:

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