Tag Archives: Section 179 depreciation deduction

Mobile Home Rental

Today TaxMama® hears from Klondike in the TaxQuips Forum with this question.  “In March, I purchased a new mobile home and placed it on property I own. It is skirted with wheels removed and set on cement pillars. My son lives in the home and pays rent. Is it best to depreciate the home for […]

Bonus Depreciation

   Today TaxMama hears from Scott in the TaxQuips Forum with this question.  “How long would you have to keep a business vehicle to take advantage of bonus depreciation deductions? What if I sold a new business use vehicle after three years, are there penalties?

Sec 179 for 2 Cars

Today TaxMama hears from Pam in the TaxQuips Forum, with a good question. “1 purchased 1 new vehicle in 2010 that is used for both of my businesses (Sch C). How do I allocate the new vehicle Sec 179 deprecation expense to both businesses?”

Deducting Business Car

Today TaxMama hears from Michael in the TaxQuips Forum who wants clarification. “I drive a lot. Is there a maximum dollar amount I may deduct for my vehicle expenses?”

We Have Bush-Era Extenders

Just to get the law passed last night, the House agreed to the Senate’s version of the extender bill. But they limited the benefits for two years, giving them time to improve on the balancing act and refine the benefits. Let me give you a brief summary of things that affect your life.

Section 179 Commercial Vehicles

Today TaxMama hears from Jared in the TaxQuips Forum,who is confused. “What are the guidelines for writing off a new commercial van?  I need a big deduction. Can I write off the whole thing? I have been to many sites – and even the IRS site is different. I thought it was $25,000 last month […]

Closed Business

Today TaxMama hears from Mary in Oregon, who tells us. “I have run a day care business in my home for many years and have taken business use of home and depreciation. I am now shutting down the business; but I am not selling my house or any of the depreciated assets. When do I […]

Listed Property Limits for 2009

IRC §280F (listed property) provides ceilings on the amount of depreciation and §179 that can be claimed on passenger automobiles, light duty trucks and vans. The limitations listed below are multiplied by the taxpayer’s business use of the vehicle. The amounts for passenger automobiles placed in service in 2009 differ slightly from the amounts for […]

Taxable Social Security Income

Today TaxMama hears from Petey in Texas who is concerned. “I had to withdraw about $10,000 for air conditioner replacement and other household maintenance from my annuities. Because of these withdrawals, my taxable Social Security income has gone from $4,800 last year to $13,000. this year. Does this sound right to you? Could I be […]

Sales Tax Deduction for Vehicle Purchases

The American Recovery and Reinvestment Act of 2009 provides a deduction for state and local sales and excise taxes paid on the purchase of new cars, light trucks, motor homes and motorcycles through 2009. The deduction is available regardless of whether a taxpayer itemizes deductions on Schedule A. Purchases before Feb. 17, 2009, are not […]

IRS’s Latest Hot Product, 2009 Small Biz Tax Calendar, Ready for Businesses

The IRS 2009 Small Business/Self-Employed Tax Calendar is stocked and ready to go. With its professional illustrations, in-depth business tax information, and day-to-day reminders for which business taxes are due when, the 12-month wall calendar has always been a popular item.The calendar is FREE. Small business and self-employed taxpayers can also download the business tax […]

Cost Segregation

Today TaxMama hears from Kim in Indiana who tells us. “My father is building a service center to do auto body repair work. The building is quite expensive. What kind of deductions can we get immediately? The accountant says that it will take 39 yrs to retrieve the money that he is investing. Are there […]