Useful WebSites:
April 1999
July 2000
November 2000
December 2000
January 2001
February 2001
March 2001
April 2001
May 2001
June 2001
July 2001
August 2001
September 2001
October 2001
November 2001
December 2001
January 2002
February 2002
March 2002
April 2002
May 2002
June 2002
July 2002
August 2002
September 2002
October 2002
November 2002
December 2002
January 2003
February 2003
March 2003
April 2003
May 2003
June 2003
July 2003
August 2003
September 2003
October 2003
November 2003
December 2003
January 2004
February 2004
March 2004
April 2004
May 2004
June 2004
July 2004
August 2004
September 2004
October 2004
November 2004
December 2004
January 2005
February 2005
March 2005
April 2005
May 2005
June 2005
July 2005
August 2005
September 2005
October 2005
November 2005
December 2005
January 2006
February 2006
March 2006
April 2006
May 2006
June 2006
July 2006
August 2006
September 2006
October 2006
November 2006
December 2006
January 2007
February 2007
March 2007
April 2007
May 2007
June 2007
July 2007
August 2007
September 2007
October 2007
November 2007
December 2007
January 2008
February 2008
March 2008
April 2008
May 2008
June 2008
July 2008
August 2008
September 2008
October 2008
November 2008
December 2008
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009
January 2010
February 2010
March 2010
New SUV & Sec. 179 Income Limits
Q-1:
Hi,Very impressive website. I have a question and would be grateful if you can help.I am an independent contractor on the side and also have a full time job. My independent contractor job pays me without tax deductions and I am expected to pay my own taxes. I have made about 15,000 this year. I am thinking of buying an SUV that meets the IRS rating of over 6000lbs for my independent contractor job, but I am worried that I might not have made enough to deduct the 25,000 IRS deduction. Can I add my AGI from my full time job to qualify for this deduction or is there another way of doing this.thanks.
A-1:
I have covered this point on several occasions.
It is possible to use other kinds of earned income, including from W-2s, to allow a higher Section 179 deduction than just the net income showing up on your Schedule C.
However, this is not something you should try figuring on your own. You need to be working with a professional tax advisor, who will be able to help you properly avail yourself of the hundreds of tax issues that you would most likely screw up on your own. Any good professional tax advisor will save you much more in taxes than his/her fee; so you would be nuts to tackle your 1040 by yourself.
Likewise, a good tax advisor may see that it would be advantageous for you to operate your business in a corporation instead of as a Schedule C sole proprietor, another topic I have discussed on countless occasions.
Good luck.
Kerry Kerstetter
Q-2:
Hi,Thank you very much for your reply. I checked your website for tax pros in North Carolina but none was listed. Do you know of any in North Carolina. Thanks again.
A-2:
Those are the only names I have.
As I have said in my tips for selecting a tax advisor, as well as in countless blog posts, choosing tax pro merely based on geographical proximity is misguided. A good tax pro could be anywhere in the country and give you even better service than someone who happens to be right next door to you.
Good luck.
Kerry
Labels: 179
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 12/04/2007 10:29:00 AM Send this post:
