I know that Bush approved a tax break up to $75k for small businesses that own SUVs or Trucks. But I heard that it was being repealed. Does anyone know more about this? Can I still write off a truck or an SUV for my small business? If so is it complicated?
2006-07-31 11:25:14 · 2 answers · asked by Needanswers 1 in Business & Finance ➔ Small Business
Talk to your tax professional. In the interim, here's a short summary for you:
http://www.selfemployedweb.com/suv-tax-deduction-2005.htm
2006-07-31 11:33:26 · answer #1 · answered by NC 7 · 0⤊ 0⤋
I am pretty sure it is being / has been repealed, because a whole bunch of small businesses were snapping up hummers they didn't need,when the break was designed for more "normal use" vehicles that actually carried something besides the driver's huge ego.
I doubt you can still write it off, but good luck if you can.
2006-07-31 11:32:08 · answer #2 · answered by Don M 7 · 0⤊ 0⤋