mazeeff

I just bought a new 2003 Dodge Ram 3500, and want to take advantage of the new tax credit. The Dodge Ram is on the list of 38 qualifing vehicles. I have a full time job, but do some hauling and do have a Ebay business on the side. Has everyone considered how to qualify for this? The way I read the law, a $30K Ram could be deducted in full in 2003. Anyone have a different read on this? Sure is a BIG motivator to go out and buy a new one!

mazeeff

For those of you not familar with this, here is a link to get you started.

http://www.taxpayer.net/TCS/whitepapers/SUVtaxbreak.htm

brillmtb

You need to make sure you are legally using it for your buisness.

bulabula

Yeah, this isn't new news, but make sure you clear it with your tax advisor.

I'd certainly take advantage of it if I could.

Goodys1ton

This is new to me, I have never heard of this. Is there any way that some one could get a tax break if they did not have a business and they purchased a vehicle that meets the criteria for the tax credit? I read the article that was posted in this discussion and it did not help. Any other help would be great.

bulabula

[quote author=Goodys1ton link=board=17;threadid=22420;start=0#msg209852 date=1068899357]
Is there any way that some one could get a tax break if they did not have a business and they purchased a vehicle that meets the criteria for the tax credit?[/quote]Don't we all wish?

Go to Google or yahoo and type in suv+tax+credit, you'll get lots to read.

It seems there are many tax advisors who aren't aware of this either, so you may get a deer in the headlights stare the first time you ask. I had a great article from the detroit news bookmarked, and finally deleted it a month ago. You may want to search there too.

There was something on tv about it a few weeks ago too, maybe 60 minutes or something of its ilk - I don't remember. Seems a dealer in TX is selling trucks like ours like hotcakes due to the rule and some folks are upset with it/him.

Goodys1ton

Chris
Thanks for the information, I have heard of this before but was not sure of it. I remeber some one telling me that people would buy new heavy vehicles just before Federal Income taxes and they would get some sort of credit on their taxes. I think this year instead of having the Marines do my taxes, I will go to a professional place to have them done. I have a lot this year, first year interest on a house, new daughter was born Oct 30, and the 3500 purchased this year.

moterhead

My question is does the truck have to be titled in the business name? What if you are an independent contractor doing business under your own name? In Florida a small business is just something called a "Ficticious Name". If I own the small business and use the truck for the business as well as for personal use, can I take the deduction. ANyone know?

PHX_ATC

If you are a "sole proprietorship" you are doing business under your name. You own the company with nobody else. It is not shared with your wife, girlfriend, or kids. It can be a LLC or incorporated.

I've been a sole proprietorship for years on the side of my regular job.

The kicker for this deduction is that you have to use it 50% or more for the deduction to qualify.

As always, talk to your accountant or take a chace, whatever you wish.

Beavermike

Howdy, my next-door neighbor who is a realtor used this tax credit on a new SUV this year. So, there you have it. Now we all need to go start a biz or something and just use the write off, and we all still have over 40 shopping days left to do it. :

PS: where is this web site located, China? I just posted this at 10 pm PST and it lists the time as 6 am tomorrow. Now that's more than a left coast time diff. Or maybe the new server's time clock is off.

phox_mulder

[quote author=Beavermike link=board=17;threadid=22420;start=0#msg212690 date=1069481295]
PS: where is this web site located, China? I just posted this at 10 pm PST and it lists the time as 6 am tomorrow. Now that's more than a left coast time diff. Or maybe the new server's time clock is off.
[/quote]

Server time is GMT, or Zulu if you're a military type.

You have to set your offset where you change your profile and sig.
The time you posted is correct as I see it (11pm MST) and I have my time set at -7. I assume you would want to set yours to -6 for PST.

phox