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I have a question regarding section 179 small business

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I have a question...

I have a question regarding section 179 small business deduction. If I purchase a qualifying vehicle for, lets say 30,000... is that 30,000 basically like I didn't earn it with the section 179 deduction?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

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Submitted: 6 months ago.Category: Finance
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Answered in 5 minutes by:
12/31/2017
Financial Professional: Carter McBride, Financial Advisor replied 6 months ago
Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,276
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA.

With IRC 179, a normal car has some limitations that on how much you can deduct. For SUVs, trucks, and vans (basically anything weighing over 6,000 lbs, there is no limitation. The limitations are listed here: https://www.irs.gov/publications/p946#en_US_2016_publink1000107705.

The amount you can deduct is then subtracted out of income, which will reduce the amount of tax you pay.

Hope that helps. If you need anything else, just let me know. If not, please leave a rating. Thanks!

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Financial Professional: Carter McBride, Financial Advisor replied 6 months ago

Hey! Just wanted to follow up and see if you need anything else. If not, please leave a rating. Thanks!

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