One of the most common questions I am still receiving is whether the Section 179 expensing election is only available for the purchase of brand new assets or whether things such as used vehicles qualify. The answer is still the same. The asset just has to be new to you. You can claim the deduction for items purchased from anyone other than yourself or an entity controlled by you, such as a closely held corporation.
Archive for December, 2003
Used Vehicles Qualify For Section 179
Posted by taxguru on December 8, 2003
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Posted by taxguru on December 8, 2003
Treasury Renews Campaign for Tax-Free Savings Accounts – This kind of thing makes sense for various capitalist and fairness reasons. It’s also another perfect example of how fluid the tax environment is. Long range tax and financial planning has more unknown future variables to contend with than the weather has. However, it’s still very premature to count on these proposed breaks becoming real. They still have to survive the guaranteed onslaught of “tax breaks for the rich” propaganda from the lefties who want us all to believe that only evil rich people can afford to put anything into savings accounts.
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Posted by taxguru on December 7, 2003
One of the reasons I’ve never been a big fan of investing one’s life savings in the stock market. It can’t be good for a person’s health to have to wonder day by day whether you are broke or doing well.

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Posted by taxguru on December 7, 2003
2 Sides Differ on Size of Government
Republicans mock Gov. Warner’s sales tax plan
$20,000 per Household: The Highest Level of Federal Spending Since World War II
IRS auditors visit the NEA – finally
GOP Divided Over Pushing Reform of Social Security
The high cost of busybodies: part IV – More on the idiocy of our rulers meddling in the forces of the free market. Such efforts to thwart the natural market forces are no more successful here in the USA than they have been in more openly Communist societies around the world.
Congress ‘Piles on the Pork,’ Group Says
Fight the Tax Abusers – With plenty of very simple and very legal methods of minimizing taxes, you won’t find me defending the big CPA firms for selling scam tax shelter packages to their gullible clients.
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Posted by taxguru on December 5, 2003
SUV loophole/A gift from U.S. taxpayers – A little jealousy on the part of those who can’t deduct the cost of their vehicles. Those W-2 wage slaves should just shut the heck up, start their own businesses and then they can get the same tax breaks as the people brave enough to be self employed.
How Individual Social Security Accounts Can Work – An even better approach is to not pay anything into the SS system and have complete control over that money.
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Posted by taxguru on December 5, 2003
Now this is a more powerful slur:

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Posted by taxguru on December 4, 2003
Although it would be nice to let sailors off the hook, I doubt if “spending like drunken elephants” will catch on, even though our GOP rulers can’t say no to any new funding requests.

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Posted by taxguru on December 3, 2003
Tax Cuts for the Rich – Bill O’Reilly
Social Security Reform Back on the Table
Someone will have to pay for Bush’s reckless spending sprees
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