Quote:
Originally Posted by cooper barrett
yeah if it is a heavy work truck you get a 59K deduction dropping your earnings that much, It you are in a moderate tax bracket 28% + 15.3 you just saved $25K in fed and fica,(ss) payments.
If I buy a used truck w/ 6' bed that is 2 years old for $30K I get to write that much off also saving 29K and at 28% plus FICA or 13K totalizing 42K plus I get lower insurance, property taxes, and still get mileage or expense deduction.
I like it, I didn't really run the numbers as to new vs used, but I think I see a 4 door truck with a 6 ft bed in my future. I always wanted a an El Camino SS
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Eh. Do what works for you.
All the tax numbers are one thing but you still gotta write the check. Tax accountants give no ****s about cash flow. Many a mother****ers get strung on cash flow deficiencies.