buying a new truck

[Ryan Gottlieb]

I am going to buy a new truck soon, i would love to hear what some of you have done to maximize any tax benefits. Did you let the lab buy it under section 179? Did you buy it and reimburse per mile? any other ideas?
Thanks

 

[JMN]

Don't buy new unless there is some overwhelming need to do so. So much of the value is lost in those first 20 feet.

 

[Ryan Gottlieb]

I agree with you but full size trucks can be the exception. They hold their value very well. Couple that with crazy factory incentives and zero percent finance offers leave the difference between new and used very small. My real question is from a tax benefit standpoint.

 

[JMN]

I agree with you but full size trucks can be the exception. They hold their value very well. Couple that with crazy factory incentives and zero percent finance offers leave the difference between new and used very small. My real question is from a tax benefit standpoint.

You'd be well served to pay for 20 minutes of your accountant's time as state tax laws will have input as well. Yearly vehicle taxes can hurt and it might be worth expensing over time to offset those.
Can you do it all at once? Sure! Old boss was fond of saying "Write it all of now, I could die tomorrow."
Should you? That's where knowing a lot more about you and your situation matter.

And I could be wrong again.

 

[Tayebdental]

https://www.marketwatch.com/story/u...e-new-tax-law-is-good-news-for-you-2018-03-06
This might help you to decide

 

[user name]

I LOVE MY TRUCK!
I contacted our local dealers guy in charge of fleet sales. I said the truck is for business, but I only need one. So...
Its a Ram 2500 Cummins. I got different wheels and big tires, but because the swap was done by them before the sale, they gave retail credit for the original wheels and tires. Nice. The truck retailed for I think 71-72k, but with the discounts available as a fleet truck, I paid 54k. Section 179'd means I got to write off the whole thing in the current tax year, so the Govt essentially gave me another 30% off.

 

[JMN]

https://www.marketwatch.com/story/u...e-new-tax-law-is-good-news-for-you-2018-03-06
This might help you to decide

Very handy piece of info there. Thanks!

 

[Tayebdental]

Very handy piece of info there. Thanks!

You are welcome sir

 

[kytoothdude]

Re using it as a business expense, Realize commercial insurance is much more expensive than private insurance. At least in Ky.

 

[rkm rdt]

Don't forget to budget for the graphics.

 

[sidesh0wb0b]

Re using it as a business expense, Realize commercial insurance is much more expensive than private insurance. At least in Ky.

this is true but its another line of protection when driving for the business.

 

[JMN]

Don't forget to budget for the graphics.

Or the Mountain Dew 2 liter wheel chock.

 

[RDA]

I am going to buy a new truck soon, i would love to hear what some of you have done to maximize any tax benefits. Did you let the lab buy it under section 179? Did you buy it and reimburse per mile? any other ideas?
Thanks

You should consult your accountant on this one. We use our vehicles for pick up and delivery, so our CPA has us run them through the business, and then deducts the business expense and business mileage as a write off.

 

[2thm8kr]

Don't forget to budget for the graphics.

Florida Idiots.