If you purchased your truck this year, and you are a farmer or small business owner who uses his truck at least 50% of the time for "business purposes", take a few minutes to search the web for “suv tax break”. A recent TV report got me looking into this issue. I’m not going to attempt any details on this thread because I am certainly not an accountant. You can research for yourself and then call yours!
Trucks weighing over 6000 Lbs. apparently qualify for a SIGNIFICANT tax break. (The stated shipping weight for my 6.0L 4X4 short box crew cab is 6533 Lbs.)
Since I am not a farmer or business owner I do not qualify for the tax break but it would make my day to hear that someone was able to take advantage of this.
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2003 6.0/torqshift F-250 FX4 Crew Cab Lariat 11/02 build and no problems. Full billet grill, Weatherguard removable rack, muffler gone, boost & pyro on A-piller pod, TorqueForce 60/110H.P.
I know what u are talking about if u but a car or truck that is over 6000 or 6500 one of the too u get to right it up 40000 of right a way so if u got a 350 for 41000 u will be tax for 1000 its it is nice!
i got ny 550 for 43000 and 3000 was all that was taxed
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90 F-250 7.3 idi reg cab 8' bed 4x4 e4od trans
Debug, does that mean any small bussiness owner....not related to farming?
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What lies behind us and what lies before us are tiny matters compared to what lies within us.
What this is if you buy a new vehicle over the weight limit, you can take a one-time $25K deduction on your federal income taxes and depreciate the rest in the following years. Is this good? Possibly. If you make more money some years as opposed to others, then this is good. If you make about the same amount every year as I do, I perfer to use standard depreciation. I does apply to any business owner, not just farming.
This is what it was for the 2002 Tax Year. Don't know if it will apply to the 2003 tax year.
And if I am wrong about all this, take it for what it is worth, I'm definitely not a CPA
Actually the tax break has gone from $25,000 to $100,000 this year as part of the small buisness stimulus package passed this summer. Otherwords you can deduct the taxes that would have been paid on spending upwards of $100,000. This applies to vehicles greater than 6000lbs. I'm a small business owner myself and I had waited to this to pass this summer prior to buying my F-350. Now while I didn't spend $100k foir my truck, it did spend $40k plus another 2K for fuel tanks and outfitter shell. All of this will be rolled into the price and in the end, I will save around $13k when all of the dust settles. Now I see that a Senate committee has already passed a measure to repeal this law. It still needs to head to the full Senate for a vote.
As a small business owner do I need to have the truck registered in my business name or can it just be in my name since I am a DBA (sole proprietorship, doing business as).???
My 04 350 CC is due in Monday!!! Yahoo....and Ford increased the rebate to $2000.....
You can register the truck under your own name. You just have to use the vehicle at least 50% or more for your buisness needs.
This is a great opportunity for us little guys and it maynot be here after this year.
Another thing for you guys that are using your trucks for small business needs. Ford has a credit/rebate program that has been around for a while. It's called something like "Commercial Connection" and it provides business owners with another $1000 credit if you can show a receipt that you have purchased an acccesory for your truck that is more than $1000. This can be a shell, a snowplow, winch, roof rack system, ect. Anything that is added to the truck that your business will use. In my case I had bought a outfitter shell and that more than covered the $1000. I had place my order for my truck via the fleet dealer after working out my best deal via emails (easy and painless approach and got a sweet deal to boot). So you may have to talk directly to the commercial fleet dealer to hear about the rebate, the guys on the lot may not know anything about it, but it has been around for sometime.
Also, don't worry about using the fleet guy if you are not a big business. They are there for sole owners like me as well as the big outfits.
Actually there are two accelerated depreciation programs going on right now that can be used with vehicles with a Gross Vehicle Rating over 6000 pounds. Section 179 you can depreciate in the first year up to $100,000 on any piece of equipment (new or used) placed in service in tax year 2003 (will probably be renewed in 2004 but who knows). This accelerated depreciation is reduced dollar per dollar if total purchases exceed $400,000, completely phased out if equipment placed in service exceed $500,000.
Then there is BONUS depreciation. For equipment placed in service after May 5th 2003 50% of the purchase price may be written off in the first year of service, 30% for equipment purchased before May 5th. There is no limit (buy a million write off a half million). However the equipment must be NEW, used equipment is not eligible, the law runs out January 1st 2005.
Word of caution, be VERY CAREFUL in documenting your mileage, expenses, and use of equipment (especially vehicles) that are used both personally and for business. The IRS looks at these items as flags for audits, the only thing that ranks higher is using part of your home and for business and writing off the expenses.
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