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Make Your Next Sport Utility Vehicle Tax Deductible with Section 179
Section 179 Deduction Overview
People complain about our tax system.   I actually like our system.  It favors those who know the rules.  My favorite tax rule can be found in IRC Section 179.  This section of tax code defines the accelerated deductions available for tangible personal property used for business use.  It is a great way for the government to help you purchase the capital equipment you need to run your business.  Section 179 is part of the stimulus package enacted in 2008 and it keeps getting extended.  You immediately can claim up to $25,000 deduction on a Section 179 qualifying vehicle.
Section 179 Limits
The yearly Section 179 deduction limit is $500,000 per year.  You may purchase up to $2,000,000 of qualifying property each year.  The bonus deprecation has been extended.  It is 50% in 2016 and 2017, 40% in 2018 and 30% in 2019.
 
Business Income Sources
1)     Net income or loss from your business
2)     Net income or loss from the spouses business
3)     Proceeds from the sale of assets from you and your spouse’s business
4)     Interest income from you and your spouse’s business
5)     Net income or loss of your rental property business
6)     Gains or losses from the sale of rental property which qualify ... more

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