CCH has calculated the inflation adjustments for the depreciation limits on business vehicles first placed into service in 2010. Based on past experience, they expect IRS to release their official version of the calculation in April 2010.
Ever since the ridiculously low luxury car limits on depreciation were initiated in 1984, we have had to break the news to clients that they were driving luxury cars in the eyes of the IRS, even though that wasn’t reflected in reality.
The new limits per CCH:
Passenger Vehicles:
Year 1 $3,060 Year 2 4,900 Year 3 2,950 Year 4 1,775 Year 5 1,775 Five Year Total $14,460
Trucks & Vans:
Year 1 $3,160 Year 2 5,100 Year 3 3,050 Year 4 1,875 Year 5 1,875 Five Year Total $15,060
Posted in 4562, Vehicles | Comments Off on 2010 Vehicle Depreciation Limits
I’ve lost track of the number of CPAs and tax professionals who have asked me for advice on building up a clientele. I always advise against paying those “marketing” firms that promise to attract new accounting and tax clients via their deceptive advertising. Those are scams.
I have been telling several people that doing a blog and showcasing what you know and how you feel about tax and business issues is the best way to attract new clients. In spite of the fact that I have made it known for the past few years that I am not accepting any new clients, I continue to receive requests from people to take them on as clients on practically a daily basis.
In fact, if blogs had been around in the early 1990s, I could have saved a lot of time driving around Arkansas, Missouri and Oklahoma presenting my Realtor seminars and built up my practice via the internet. That’s how I would do it if I were starting out in a new market today.
I mention these obvious points in conjunction with this article on CPA blogging from AccountantsWorld that Ohio CPA Dana Stahl forwarded to me. It has some excellent tips and creative ideas on how to overcome the “writer’s block” that scares most tax pros from undertaking a blog.
Posted in Accounting | Comments Off on CPA Blogging
We have been looking at ways in which to improve the quality of our content; so we are adding short videos (VidCasts) of my answering reader questions. These should be more enlightening than the completely text versions.
This is going to be an evolving process as we become more proficient in utilizing this medium and our skills with the software and equipment improve. Our goal as of now is to do the same kind of Q&As as I have been posting for several years on my blog in these free short YouTube videos.
As we become more comfortable with this technology, we also plan to present some more intense live online webinars on some of the topics that seem to have the most interest around the country. There will be a charge for these to cover the costs, as well as for our time. As charitable as we are, we are evil capitalists and do intend to make a profit on this venture. The mini-classes will be of particular interest to small business owners and investors who are interested in learning techniques on how to minimize their taxes, as well as professional tax advisors with whom I can share my 34 plus years of experience. The costs will be very reasonable and much less than the $250 per hour that clients are paying me for one on one consulting.
This first batch of VidCasts that we produced are rough as we learn how to operate everything; but the information they contain should be useful for anyone wanting to keep their taxes down.
If the embedded player doesn’t work in your browser, you can go directly to the YouTube page to watch it.
Posted in LLC, Vehicles, video | Comments Off on Financing an SUV For an LLC – VidCast
Tax Guru - Ker$tetter Letter 