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SUV Tax Deduction proves to be a catalyst for SUV Sales
A Tax Deduction originally intended to benefits farmers and others who use trucks in their business has proved to be a huge factor in new SUV purchases
November 14, 2002
SUV Tax Deduction
As 2002 is winding down, everyone needs to be thinking about maximizing their tax deductions. This month's letter details some tax tips you may not know about. I hope everyone finds it helpful and informative. You may or may be able to use this tax advice. I urge you to consult a TAX EXPERT before you implement a tax strategy based on this information.
Thinking about a new business vehicle? How about an SUV or a PICK-UP?
The IRS normally limits the depreciation that can be deducted on the purchase price of a business vehicle. And, that limit is pretty small - only $3,060 for the first year for a 100% business use vehicle. However, for some business "trucks" the first year depreciation can be as high as $24,000. A "truck" is defined by IRS as a vehicle with over 6,000 lbs. of gross weight. This gross weight of the vehicle is displayed on the inside of the driver's door.
Just buy one of the following vehicles:
2002 Vehicles with Gross Vehicle Weight Ratings (GVWR's) of more than 6,000 pounds
Cadillac
Escalade SUV
Chevrolet
Astro Passenger Van AWD
Avalanche Pickup
Express Van
Silverado Pickup
Suburban SUV
Tahoe SUV
Dodge
Durango SUV
Ram Van
Ram Maxi Van
Ram Wagon
Ram 1500 Pickup
Ram 2500 Pickup
Ram 3500 Pickup
Ford
Excursion SUV
Expedition SUV
Econoline (E150, E250, E350) Van
Econoline Wagon
F150 Pickup
F250 Pickup
F350 Pickup
GMC Yukon -(including XL and Denali) SUV
Safari Passenger Van AWD
Savana Van
Sierra Pickup
Sierra Denali
Land Rover
Discovery Series II SUV (2001)
Range Rover SUV (2001)
Lincoln
Blackwood Pickup
Navigator SUV
Mercedes
M-Class -
(ML 32, ML 500, ML55 AMG)
Toyota
Land Cruiser (4WD) SUV
Sequoia SUV
Tundra Pickup (Limited models)
I urge you to consult a TAX EXPERT before you implement a tax strategy based on this information.
For more information visit www.selfemployedtexas.com or www.selfemployedweb.com
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