- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Thank you and in the literal sense would agree however in removing a bean counter hat and stepping into the tax payer shoes, the llc s' $140k earned income - set off by the Section 179 deduction, at best (in the example cited) can only offer a maximum net benefit to the tax payer of a 22% (MFJ) savings far from the claim of 37% promoted by many auto dealers so buyers beware. In many instances the $14k example cited may yield nothing more than a tax bracket reduction at best and in many instances may not even afford that, depending where one ultimately lies within the tax bracket. In short, exercise caution before squandering a non yielding deduction because it appears there are no 2nd chances with a Section 179 deduction once taken.
‎December 29, 2020
11:04 AM