About when do the 06 Tundra trucks show up? Also does anybody know if the federal tax write off minimum weight is 6,000 or 6,500 pounds.
Thanks
About when do the 06 Tundra trucks show up? Also does anybody know if the federal tax write off minimum weight is 6,000 or 6,500 pounds.
Thanks
Remember, the write-off is for business use vehicles, not personal or commuting vehicles.
I'm sure your CPA can advise you of your personal implications or benefits.
I will answer my own question - the weight is 6,000# and the 06 Tundra's are now at the dealer. Here is the interesting part - assuming you buy a rather simple v8 for 25K and with a tax write off at the top of 25K at .37% yields a savings of 9.25K. Gas savings of a v6 which is under 6K# is 4mpg. Assume you drive 100K miles, at $3 per gallon the v6 would save you approximately $3K vs a tax write off of over $9K for the v8.
No wonder there are so many big heavy SUV's on the road today.
Except many of them do not qualify to be depreciated.
It's style, pure and simple.
Hi,
You might want to check your math. 37% is more than 1/3 off (your $9,250 number). BUT point thirty-seven per cent (.37%) is way lower, by a factor of 100. So the real savings at .37% would be $92.50. Right?
I have not read the tax write off info, so I am not sure what is being offered. I just would find it had to believe that a person could save more than a third on the price of a vehicle. If that were so I would start a small business just for the tax break...
Bill
If you lower your taxable income by $25K - cost of vehicle - and your marginal tax rate - or highest rate is 37% thus the savings of $9,250.
Kind of dumb providing incentives for heavier vehicles. Oh well who ever said our pols were enlightened - just bought and paid for.
Let's restate that as "in vogue".
Happy?
How do you explain the Japanese and European SUVs then?
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