On Wed, 02 Feb 2005 11:44:43 -0600, Robert Davidson
wrote:

Cliff wrote in
:

On 1 Feb 2005 23:31:01 GMT, Dan Murphy wrote:

As always talk to your accountant or tax expert.

http://www.taxguide-engineersandarchitects.com/

"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.

http://www.taxguru.org/incometax/Rates/Sec179.htm

"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."

http://www.bankrate.com/brm/itax/Edi..._deduction.asp

"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 than
6,000 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.

Robert,
You need to know what a lot of it is first. Those "professionals"
ostly just look at history. What WAS done. By then it's too late
to do something different with more benefit to you.

In this specific case (SUV) "up to $102,000" and "a large SUV or
Pick-Up" both applied for the 2004 tax year. I expect "large", after
Oct. 22, applies to "vehicles weighing 14,000 or more". Like
large SUVs .... G.

Details would be in the book, not the one example-blurb.
THEN ask your professionals for advice *in advance* and
make decisions based on that.

Forward planning can work wonders.

BTW, After one year how much can you then sell that
"up to $102,000" deduction (is there a tax credit in there too?)
for? Is the sale taxable income? Probably .....

How much does a fully loaded hummer weigh? What's the
"pay back", compared to an economy car?
--
Cliff