Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

  • Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 681 other followers

  • Blog Stats

    • 309,826 hits
  • Posts By Day

    October 2008
    M T W T F S S
     12345
    6789101112
    13141516171819
    20212223242526
    2728293031  
  • Subscribe

  • Special Pages

Archive for October 5th, 2008

Posted by taxguru on October 5, 2008

Posted in comix, Money | Comments Off on

Posted by taxguru on October 5, 2008

2008 California Tax Rates and Exemptions – FTB has just released their inflation adjusted tax brackets and other affected figures.

 

Posted in StateTaxes | Comments Off on

Sec. 179 for ATMs?

Posted by taxguru on October 5, 2008

Q:

Subject: section 179

Curious, would an atm qualitfy for section 179.  Maybe one can argue that the atm part qualifies but if it is enclosed in a building, it is not.   I presume we would have to have the atm in place and working prior to year end.  We are on cash basis for tax purposes and a S corp.

 

A:

You should be working with your own personal professional tax advisor on matters like this.

S/he will most likely tell you that the actual ATM machines will qualify for Sec. 179; but structures built to house them do not.

Sec. 179 and depreciation deductions have always required that the asset be actually placed into active service before the end of the tax year, regardless of when you pay for them.

It is also not relevant for Sec. 179 or deprecation purposes how you pay for the machines, cash or via a loan.

Again, your own personal tax pro should be able to give you more specific advice for your particular situation.

Good luck.

Kerry Kerstetter

 

Follow-Up:

Thank you for your time

 

 

Posted in 179 | Comments Off on Sec. 179 for ATMs?