My job is to help businesses grow in this new economy. Helping the Washington Post outline the facts for this video was a great creative collaboration.
Boston, MA (PRWEB) September 25, 2015
New England’s go to tax expert, Sean T. O’Hare, was interviewed by the Washington Post to provide insights for a new informative video. The video, sponsored by General Motors Fleet called “Explore the Section 179 Tax Break for Your Business Fleet,” educates business owners about Section 179 – a tax deduction that small businesses can use to build out their vehicle fleets.
The short animated video explains how business owners may be able to utilize Section 179 and the bonus depreciation deductions towards new vehicle purchases. This is for certain passenger vehicles, trucks and vans, with some exceptions, while larger vehicles may qualify for expensing up to $25,000.
Sean T. O’Hare, founder and CEO of Tax Debt Assistance and Founder of O'Hare Associates, CPAs, says, “This write-off can reduce the tax cost on new vehicles, helping businesses gain more capital while improving their tax liability. My job is to help businesses grow in this new economy. Helping to outline the facts for this video with Washington Post’s WP Brand Connect for General Motors Fleet was my pleasure. Business owners with vehicles or ones wanting to acquire more vehicles can learn a lot in a short amount of time by watching this short video. It is best to talk with your tax advisor for more details; this video is a good educational starting point.”
Sean understands small business and the need to keep every penny. He knows the need for small business owners to lower their bottom line vehicle costs and improve their tax liability.
According to the official website of Section 179, for passenger vehicles, trucks, and vans that are used more than 50% in a qualified business use, the total deduction for depreciation including both the Section 179 expense deduction as well as Bonus Depreciation is limited to $11,060 for cars, and $11,160 for trucks and vans.
Exceptions include the following vehicles:
- Ambulance or hearse used specifically in their business;
- Taxis, transport vans, and other vehicles used to specifically transport people or property for hire;
- Qualified non-personal use vehicles specifically modified for business (i.e. van without seating behind driver, permanent shelving installed, and exterior painted with company’s name).
Certain vehicles (with a gross vehicle weight rating above 6,000 lbs. but no more than 14,000 lbs.) qualify for expensing up to $25,000 if the vehicle is financed and placed in service prior to December 31 and meet other conditions.
To learn more about Sean T. O’Hare and his services, visit http://www.taxdebtassistance.com. For small business owners looking to grow their business by increasing their fleet vehicles through deductions from the IRS, watch the General Motors Fleet video by clicking here.
About Sean T. O’Hare, CPA, EA and CTRS
Sean T. O’Hare is the founder and CEO of Tax Debt Assistance O’Hare Associates, CPAs dedicated to helping individuals with tax debt and tax issue resolutions. He has been a Boston CPA for over 20 years and is known as New England’s go-to tax resolution expert. He is the author of Fighting Back: A Small Business Owners Guide to Winning the Battle with the IRS, 10 Most Expensive Tax Mistakes That Cost Business Owners Thousands, and Why Businesses Stop Growing and What You Can Do About It.
About Tax Debt Assistance
Tax Debt Assistance (TDA) is an accounting and tax resolution firm that helps individuals and businesses in the New England area solve their tax troubles. TDA has over two decades of experience. The team is committed to helping their clients get rid of their IRS nightmares. Their certified tax resolution specialists help individuals and businesses find the right solution to tax debt problems including an offer in compromise, tax payment options, and innocent spouse relief. They support with payroll tax problems, non-filed tax returns, back taxes owed and other issues with the IRS. http://www.taxdebtassistance.com.
About O’Hare Associates CPAs
O’Hare Associates CPAs has offices in Maine, New Hampshire, and Massachusetts to provide families and small businesses with full-service accounting solutions including tax planning, estate planning, part time CFO services, QuickBooks setup and training, tax preparation and tax problem resolution. More at http://www.cpaportlandmaine.com.