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Posted on 2/14/14 at 7:16 pm to simonizer
Yeah, it changes this year, right?
It was really good last year, but not as good this year?
It was really good last year, but not as good this year?
Posted on 2/14/14 at 7:17 pm to VetteGuy
Doesn't TurboTax handle all this?
Posted on 2/14/14 at 7:19 pm to Traffic Circle
The first rule of tax preparation: Everything is deductible until your audited
Posted on 2/14/14 at 7:20 pm to simonizer
Fkin Turbo Tax does that shite well.
Download it if you can't figure it out!
Download it if you can't figure it out!
Posted on 2/14/14 at 7:20 pm to Type A
Hire a CPA to help.
Posted on 2/14/14 at 7:22 pm to CarpeDiem
quote:
Hire a CPA to help.
Posted on 2/14/14 at 7:22 pm to weadjust
quote:
The first rule of tax preparation: Everything is deductible until your audited
What happens when your caught? Is it federal pound me in the arse prison, pay fines, or lose deduction and repay the irs?
Posted on 2/14/14 at 7:32 pm to simonizer
Pretty sure it's limited on a truck like that at 25k. He can then take 50% bonus depreciation plus macrs. Haven't done taxes in awhile, but I'm pretty sure this is the case here.
Posted on 2/14/14 at 7:47 pm to Type A
I have not read the whole thread so this may have been answered. For 2013 the 179 deduction is still $500,000 next year it goes back to $25000. So you can write the whole thing off. At least this is what I did on my equipment purchases last year. Hope I am not going to jail. 
Posted on 2/14/14 at 8:01 pm to Smoke7024
if he has a 6ft bed he isnt limited to 25k
Posted on 2/14/14 at 8:09 pm to Type A
1st take 25000 179. Next take 50% bonus on amount left.
Lastly depreciate the remainder using macrs depreciation over 5 years. Debit depr exp credit a/d
Eta: your depr sch looks correct
Your adjusted basis = 38501-25000=13501*.5=6750.5
Lastly depreciate the remainder using macrs depreciation over 5 years. Debit depr exp credit a/d
Eta: your depr sch looks correct
Your adjusted basis = 38501-25000=13501*.5=6750.5
This post was edited on 2/14/14 at 8:30 pm
Posted on 2/14/14 at 8:30 pm to McNeeseLSU
Why can't he write the whole thing off?
Posted on 2/14/14 at 8:31 pm to McNeeseLSU
25k limit does not apply here. From irs website
However, the $25,000 limit does not apply to any vehicle:
Designed to seat more than nine passengers behind the driver's seat,
Equipped with a cargo area (either open or enclosed by a cap) of at least six feet in interior length that is not readily accessible from the passenger compartment, or
Also, be careful with your business use percentage.
However, the $25,000 limit does not apply to any vehicle:
Designed to seat more than nine passengers behind the driver's seat,
Equipped with a cargo area (either open or enclosed by a cap) of at least six feet in interior length that is not readily accessible from the passenger compartment, or
Also, be careful with your business use percentage.
Posted on 2/14/14 at 8:32 pm to McNeeseLSU
McNeese, thank you so so much! That's all I needed to read to finally understand this! It's so simple now. You quite possibly saved my job- not even kidding. I should send you some of my next paycheck. 
Posted on 2/14/14 at 8:33 pm to Tittle'sPants
So type A is your alter?
Or you trollin'?
Or you trollin'?
This post was edited on 2/14/14 at 8:34 pm
Posted on 2/14/14 at 8:35 pm to Type A
tell your boss to depreciate your balls
Posted on 2/14/14 at 8:36 pm to Tittle'sPants
wow, your client should be pissed.
Posted on 2/14/14 at 8:39 pm to TheOcean
Who needs an alter with less than 550 posts?
Posted on 2/14/14 at 8:40 pm to Tittle'sPants
quote:
McNeese, thank you so so much!
McNeese about to get you and your boss fired.
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