Cliff wrote in news: snipped-for-privacy@4ax.com:
>
>>As always talk to your accountant or tax expert.
>
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> "If the 2005 Tax and Financial Guide for Engineers & Architects does
> not save you an extra $300 or more on your taxes, your money will be
> refunded when the book is returned within 30 days."
>
> The 2005 Tax and Financial Guide for Engineers & Architects
> For the tax year 2004
>
> This should be a large help for some and a planning guide
> for next year for others.
>
> Ever wonder what deductions you may have missed?
>
> Example:
> [
> SUV Loophole
> If you drive a substantial amount for business (say, for commuting at
> an out-of-town job), an incredible loophole is open to you. For
> example, based on full-time usage, you can deduct up to 100% of the
> cost of an SUV (up to $102,000) in just the first year. But you must
> buy a large SUV or Pick-Up to take advantage of this tax break. >]
>
> HTH
Cliff, I don't think that SUV loophole exists anymore. At least not for the full deduction.
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"As of October 22, 2004, the maximum amount that can be claimed for SUVs weighing between 6,000 and 14,000 pounds is $25,000. The remaining $77,000 can be used for other kinds of business equipment, including vehicles weighing more than 14,000 pounds."
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"However, when it comes to vehicles purchased utilizing the Section 179 break, legislators took back some of the benefit as it related to large sport utility vehicles. When the limit was originally increased, business owners were allowed to select for company use one of several light-truck models (which included many luxury SUVs) weighing more than6,000 pounds fully loaded and write off most, if not all, of the costs on their tax returns. That changed on Oct. 22, when the American Jobs Creation Act became law; now only company vehicles weighing 14,000 or more are eligible for the larger deduction amount."
I would advise everyone out there to utilize a tax professional when trying to understand these types of complicated tax issues. At the very least, if you are going to use a web site for advice, make sure you can corroborate the info they provide in a second reliable site. This stuff is too important to your business to not let professionals handle it.