12/31/2010 The end of tax deductions!?!? - ModernCamaro.com - 5th Generation Camaro Enthusiasts
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post #1 of 1 Old 12-09-2010, 12:01 PM Thread Starter
SS-Eric
 
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Location: Dallas / Ft Worth, Grapevine TX to be exact!
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12/31/2010 The end of tax deductions!?!?

Small Business Owners and Entrepreneurs, "Dec 9, 2010 - Effective as of 09/27/2010, H.R. 5297 (the Small Business Jobs and Credit Act of 2010) had a substantial (and welcome) impact on Section 179. The biggest impact is that it increased Section 179's limits (essentially doubling them). This means a substantial boost to your bottom line this year. But to get the deduction for tax year 2010, you have to act now, as once the clock strikes midnight on 12/31/2010, Section 179 can't affect your 2010 profits anymore.

Check out www.Section179.org to see if you can write off the purchase of your vehicle.

Also, if you are on the fence about buying a Hybrid, "The Energy Policy Act of 2005, which gave birth to the Alternative Motor Vehicle Credit, expires at the end of this year. As far as we know, there is no expected tax incentive for 2011. At the very least, the dollar amount of the credits is up in the air if any new legislation is enacted at all."

Check out www.cars.com for more info...

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