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-   -   Section 179 tax credit (http://www.jeepgarage.org/f73/section-179-tax-credit-32954.html)

4th Cherokee 12-22-2011 08:07 PM

Section 179 tax credit
 
http://section179.org/section_179_ve...eductions.html


I just realized the WK2 just earned me a
big fat tax credit; GVWR is 6,400 lbs ;)O

DGoral31 12-22-2011 08:24 PM

Re: Section 179 tax credit
 
lol ... nice... this used to be known as the "hummer" credit

dlthunder 12-22-2011 09:53 PM

Re: Section 179 tax credit
 
One if the reasons I picked the GC!!

jarrod 12-22-2011 11:00 PM

Re: Section 179 tax credit
 
That only work if you own your own business? I'm pretty sure I use mine for at least 50% business

dlthunder 12-22-2011 11:15 PM

Re: Section 179 tax credit
 
Yes, it is a business tax deduction.

DGoral31 12-22-2011 11:21 PM

Re: Section 179 tax credit
 
It is a business tax deduction but even if you are not a business you can still claim section 179 If you are a w2 employee... you can claim it on form 2106, it flows through to your Schedule A itemized deductions.

Bluehighways 12-23-2011 01:17 AM

Re: Section 179 tax credit
 
If you ever get audited you will be asked to produce a vehicle mileage log: Date, Miles, Destination, Business Reason or Pleasure and the Business total mileage for the tax year will need to be 50% + 1 mile.

jeep2011 12-23-2011 08:32 AM

Re: Section 179 tax credit
 
The new law stinks, you use to be able to write off 100% of the value the first year for 6K lbs + vehicles........now it is limited to $25K.

BuckeyeSRT 12-23-2011 09:14 AM

Re: Section 179 tax credit
 
Quote:

Originally Posted by dlthunder (Post 539028)
One if the reasons I picked the GC!!

Me too :)

DGoral31 12-23-2011 12:25 PM

Re: Section 179 tax credit
 
Quote:

Originally Posted by jeep2011 (Post 539177)
The new law stinks, you use to be able to write off 100% of the value the first year for 6K lbs + vehicles........now it is limited to $25K.


Dont forget with Section 179 you are not limited to the full value of the item being depreciated. You can claim Section 179 for the half the amount in one year then claim half the next.


Also, section 179 isnt always a good idea... its designed for businesses who will be seeing their profits DECREASE in the future... if your profit stays the same or increases, section 179 is not recommended... taking normal depreciation is more advantageous

4th Cherokee 12-23-2011 12:59 PM

Re: Section 179 tax credit
 
Thank you for all of the insight..

edcard 03-06-2013 10:05 AM

Re: Section 179 tax credit
 
Does anybody know if the limits for Section 179 have changed for 2013? I've read about a $12K limit the first year, but other documents indicate as little as $8K or as much as the full amount.

DGoral31, when you say that one can claim a deduction if you are a W2 employee, is that the case when the vehicle is needed in order to carry out one's duties? Like an inspector or field engineer, for example, who may use a personal vehicle to go from one work site to another?


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