By month: November 2006

Does the SUV Built on a Unibody Frame Qualify for $25,000 Expensing?

You may Section 179 expense up to $25,000 of your business cost when you buy a more than 6,000 pound gross vehicle weight rated (GVWR) new or used crossover vehicle or SUV built not on a truck chassis, but on a unibody frame in a manner that qualifies the vehicle as a truck for purposes of the gas guzzler tax.

The Back-End Vehicle Deduction Tax Reduction Plan

You need a tax plan for the sale or trade-in of the business vehicle you are driving today. You also need a tax plan for the business vehicle that will replace your current business vehicle. You need this tax plan if you use IRS mileage rates, actual expenses, Section 179 expensing, MACRS depreciation, or bonus depreciation.

Court Rules Taxation of Injury Settlement Is Unconstitutional

Winning a court case for physical or nonphysical injuries triggers tax laws that can dramatically impact the after-tax value of any cash you receive for injuries or damages.

Fiscal Lunacy Award #9

By using outside collection firms instead of IRS personal, the government is going to lose $8.6 billion a year in revenue.

Fiscal Lunacy Award #17

Government whacks 157 estate tax lawyers at a cost to taxpayers of $2.6 million a day.

700,000 Fail to Claim Sales Tax Deductions

Lawmakers enacted a special two-year sales tax deduction to benefit taxpayers who live in states with no income tax. According to the Treasury Inspector General, over 700,000 taxpayers failed to claim the deduction.

Sign on Car

Advertising your business on your vehicle does not change either your business or personal use of the car.

Top Producer Trip

When you win a top producer award trip to a fancy resort or location, create educational events for yourself to qualify your trip for business travel deductions. When you get this right, you offset the 1099 award value with bona fide business travel expenses.

Gift of Home

The $250,000 exclusion on the sale of this home is complicated by the mother and daughter owning this home together.


[ View / Print full text of all articles in this issue ]