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Replies to #423 on Taxes (TAX)

ypsiCPA

12/29/09 1:56 PM

#424 RE: cintrix #423

Expense can only be taken on business portion (ie if you claim 80% business use, section 179 expense = 80% of the cost). 100% business use might be questioned, especially if another computer isn't available for personal use.

omegahpla

12/29/09 2:09 PM

#429 RE: cintrix #423

I've heard of certain items you can get an out and out tax credit for. Like John Stosile who used to be at ABC and moved to Fox described a transaction where he bought a small electric vehicle for about $7000 and that was directly deducted from the taxes he had to pay, so it was basically free.

I'm not sure if that works like the home credit, where $8000 is even given as a direct cash payment, even if you don't pay any taxes.