In article <3c46899d-0136-498d-a208-a6c71d4381e5[at]b2g2000hsg.googlegroups.com> ,
removeps-groups[at]yahoo.com <removeps-groups[at]yahoo.com> wrote:
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Starting Jan 1 2008, Annual S 179 limit raised to $250,000
vs a ceiling of $800,000.


And all the recent work to get automatic inflation ajustments
in Sec 179 amounts has been dropped :-(
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ArtKamlet at a o l dot c o m Columbus OH K2PZH

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In article <Si_rj.81592$N67.34310[at]bignews5.bellsouth.net> ,
Paul Thomas, CPA <paulthomascpapc[at]bellsouth.net> wrote:
- quote -


Or even Salary on a W-2.

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ArtKamlet at a o l dot c o m Columbus OH K2PZH

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removeps-groups[at]yahoo.com wrote:
- quote -


ChEAr$,
Harlan Lunsford, EA n LA

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<removeps-groups[at]yahoo.com> wrote
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Even so. Section 179 applies to ~assets~.

One thing you don't want to do is try to expense out an asset purchase in
some other manner than regular depreciation or through Sect 179.

The IRS has reclassified asset purchases that were buried in repairs, office
supplies, etc, and by the time that gets done, it's too late to claim Sect
179, and you're stuck with regular depreciation.

So record the purchase as an asset (as it should be) and if possible, take
Section 179 or whatever other depreciation incentives are allowed.






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Paul A. Thomas, CPA
Athens, Georgia

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On Feb 11, 8:01*am, "Paul Thomas, CPA" <paulthomascp...[at]bellsouth.netwrote:

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The economic stimulus plan contains some enhancements to section 179
for writing off more depreciation. Not sure of the details though.

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steve wrote:
- quote -


That would be a Section 179 election. You need to follow instructions
for and file a Form 4562

http://www.irs.gov/instructions/i4562/ch01.html

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"steve" <rg634[at]verizon.net> wrote
- quote -




Don't have a clue why you think the vehicle isn't an asset. That is where
it should be listed, and that is where you'll take Section 179 - which is
nothing more than accelerated depreciation - to expense the vehicle.

FWIW: Section 179 is limited to profits in the business.



--
Paul A. Thomas, CPA
Athens, Georgia

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New vehicle, want deduction, not depreciation..

I bought a new 9600 GVW utlity body truck for my sole proprietor
plumbing business in Dec 2007.
Instead of taking depreciation, I want to take the $32,000 off my
bottom line as a deduction on this years taxes. I paid for the vehicle
in full. I own it.
I am using Turbo tax home and business and onlty see in the ASSET area
where I might be able to do this.
Can I do this and list it as "other" in the asset area?

Thanks

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >