Posted by taxguru on December 24, 2006
Q:
Subject: Section 179I read your article which states that as of Oct 2004, the maximum amount that can be claimed for SUV’s weighing between 6,000 and 14,000 pounds is $25,000. Has this law changed for 2006? I’m hearing conflicting stories that the vehicle has to weigh no less than 14,000 pounds in order to take the deduction of $25,000.Can you please clarify?
A:
That particular provision has not changed and is still in effect for as long as Section 179 is.
Kerry Kerstetter
Posted in 179 | Comments Off on SUV Weight Rules Haven’t Changed
Posted by taxguru on December 24, 2006
Q:
Subject: CA Corporation filing feesHi Kerry,Could you please elaborate a little on your statement below since I am reading on the CA. Secretary of State website that the CA filing fee is $100.What I have found is that it is much easier to just set up a brand new virgin corporation, especially in states like Arkansas and Missouri where it only costs $50 in filing fees. In states like California, where the filing fees are in the thousands, this strategy is a bit more expensive and needs to be evaluated a little more closely.Thanks
A:
It’s been a few years since I’ve been involved in setting up a new Calif corp; but it used to be required that new corps submit non-refundable payments for their first and last minimum taxes along with the paperwork filing fee. That was an additional $1,600 up front cost, which other states that don’t have minimum taxes don’t require.
A tax pro who is more current on the costs of setting up a new Calif corp can give you more specifics for the actual cost nowadays.
I hope this helps.
Kerry Kerstetter
Posted in Uncategorized | Comments Off on Starting A Corp In the PRC
Tax Guru - Ker$tetter Letter 