Low Fee rate =CPA in Austin?

General Real Estate Investing
1

Hi,
I am looking for a low fee CPA for my tax return.
I am planning to buy a car and confuse about the sec 179 deduction if I am able to fully deduct the price of the car in first year of purchase.

Any recomendation will be much appreciated

Thanks
family

2

I’m no CPA but you may want to check publication 463 from the IRS. Section 179 expenses are limited based on your business use of the vehicle. If it’s not used 100% for business the deductions are lowered however if you do drive it 100% for business it’s the full amount and you must use the vehicle at least 50% of the time for business.

The actual depreciation values are listed in publication 463 in chapter 4 which explains the MACRS tables.

3

Hello,

The first poster is correct. Here are some resources.

http://www.irs.gov/taxtopics/tc510.html
http://www.turbotax.com/articles/AutomobileWriteoffsforBusinessOwners.html