Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I own an HVAC company in South Carolina and considering the

Customer Question
purchase of a new work...
I own an HVAC company in South Carolina and considering the purchase of a new work truck to take advantage of the first year depreciation option to offset some of my income in 2016. How does that option work and what is in the fine print.
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
9/16/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,334
Experience: Certified Public Accountant
Verified

Hi, my name is Mark. I will be happy to help you with your questions. Please give me a few moments to prepare your response.

Ask Your Own Tax Question
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

You are referring to section 179 expense. Section 179 is essentially accelerated depreciation that allows you to write off the purchase of certain assets as long as you meet other income requirements.

The are specific requirements to qualify for the full section 179 expense for vehicles. Many vehicles

by their nature are not likely to be used for personal purposes qualify for full Section 179 deduction including the following:

  1. Heavy “non-SUV” vehicles that have a cargo area at least six feet in interior length. The cargo are must not be easily accessible from the passenger area. An example would be pickups with full-sized cargo beds, however some "extended cab" pickups may have beds that do not meet the six foot requirement.
  2. A vehicle that seats 9+ people. An example would be a shuttle or van.
  3. Vehicles that have a fully enclosed driver compartment / cargo are, that have no seating at all behind the driver, an do not have a body section protruding more than 30 inches ahead of the leading edge of the windshield. A cargo van is a typical example.
Ask Your Own Tax Question
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,334
2,334 Satisfied Customers
Experience: Certified Public Accountant

Mark Taylor is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
This is a question on a UK resident's personal income tax on
This is a question on a UK resident's personal income tax on lump withdrawals of funds in a Canadian RRSP using an example with funds expressed in $CAN. Value of lump sum payment from the RRSP is $100… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
If I purchase a business asset with a 5 years installment.
Hi,If I purchase a business asset with a 5 years installment. The asset is an office furniture. Can I can section 179 even if I am going to pay off the furniture in 5 years? Please note that I am on t… read more
Amanda Russell
Amanda Russell
Accounting Tax & Profit Strategist
Master\u0027s Degree
9 satisfied customers
Can you write off mortgage interest on a vacation home the
can you write off mortgage interest on a vacation home the home price 54000.00 … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
Small schedule c business donates fully depreciated
small schedule c business donates fully depreciated furniture to charity. They've been told that the FMV is $1,000. What is the deduction for contributed property? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Two questions on federal tax deductibility: 1. We personally
Two questions on federal tax deductibility: 1. We personally paid legal fees for our manufacturer C Corp. The fees were for assistance in preparing a Research & Development tax credit application. Can… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Can I write off mileage from my tractor on a schedule F? And
Can I write off mileage from my tractor on a schedule F? And is it possible to claim 179 deduction on it?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
An S Corporation is selling its assets under an Asset
An S Corporation is selling its assets under an Asset Purchase Agreement. The 2 stockholders materially participate in the operation of the business. The business provides credit card processing softw… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Trying to understand if I can write off the purchase of a
Trying to understand if I can write off the purchase of a computer … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
A question about mortgage deduction: if person A helps
A question about mortgage deduction: if person A helps person B take a loan to help this person B buy a primary residence, who gets the right to deduct the mortgage interest for tax filing? Person A m… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
My question is about writing off travel expenses.. I am a
My question is about writing off travel expenses.. I am a self employed internet marketer, and am wanting to start a new project (building a video sales page) to do this I need to shoot pictures and v… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
Tax question regarding mba write-off as educational
tax question regarding mba write-off as educational expenses. Im an engineer looking to move to management track within current company. Company is reimbursing me for my tuition, but adding it onto my… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I sold a large asset in 2016 that we had depreciated.
I sold a large asset in 2016 that we had depreciated. Original cost basis: $95,000 (purchase price) Depreciated basis: approx $12,000 Price I sold it for: $78,000. So I have a depreciation recapture o… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
This has to do with the Depreciation deduction for my
This has to do with the Depreciation deduction for my spouses business us of our car (we file jointly)... We purchased a new car in late Nov 2015, and she started using it for her business but only lo… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
27 satisfied customers
I have an S-corp that depreciated a group of assets on the
I have an S-corp that depreciated a group of assets on the 2015 tax return. However, several of the assets were sold in 2016. Would it be easier to amend 2015 and break out the asset group and depreci… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
This tax question regards depreciation, cost basis and asset
Hello, this tax question regards ***** ***** basis and asset reporting when you tear down one vacation rental property and replace it with another on the same lot. The original vacation cottage still … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 satisfied customers
Are you familuar with 4797 form? is it possible to write off
is it possible to write off a loss on a real estate property from 2011? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
A Prior Preparer did not take depreciation on a rental that
a Prior Preparer did not take depreciation on a rental that started in 2007 and now will sell this rental. Since it is almost 10 years as a rental with no depreciation. How would I report this sale wi… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
When claiming bonus depreciation does it matter if assets
When claiming bonus depreciation does it matter if assets were placed in service in December?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x