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Solved: Heavy equipment loan payments deductible? - Intuit

Jun 04 2019 · The steps to input the asset and claim the 179 deduction are as follows: Select the Business tab continue then I'll choose what I work on. Under he Business Income and Expenses select the update button. Select the edit link listed next to your business name. You will now be on the main page for your Schedule C.

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Solved: When deducting a vehicle bought ... - ttlc.intuit.com

Jun 07 2019 · You can claim deductible business auto/truck expenses in one of two ways. IRS Mileage Rate: You can claim business miles times the IRS mileage rate. IRS mileage rates for business activities are $0.56/mile in 2014 and $.575/mile in 2015. You can add parking and tolls to the mileage rate.

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Solved: AMT and Depreciation - Intuit Accountants Community

Aug 01 2020 · AMT depreciation uses 150%DB. Your regular depreciation uses 200%DB. Those adjusted amounts are the difference for each year. Because of the different schedule of depreciation the adjustment will be different each year. So let's say you have a Dump Truck with a Basis of $34000. These are the depreciation amounts for each year:

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Solved: How to enter new vehicle purchase down ... - Intuit

Mar 18 2019 · That works out to a $7000 down payment ($1000 from August 2015 and $5000 + $1000 rebate in January 2016). The total cost of the truck was $58006.16 (which includes $2587.44 in GST and $3622.42 in PST). Minus the $7000 down payment leaves a total amount financed of $51006.16; payments are $457.20 paid biweekly for 60 months (130 payments).

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Dec 12 2018 · There are multiple ways to record your vehicle expense. One way is to record the expense by creating a check. Let me guide you how: Click on the Plus ( +) icon choose Check. Enter the necessary information. Choose the correct Bank/Credit Account. Under the Category drop-down choose the asset account and enter the Amount.

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Solved: Dump truck depreciation - Intuit

May 05 2020 · Dump truck depreciation. If that is truly a "new" dump truck then most likely you paid $30K or more for it. Understand that while taking the SDA now may (or more than likely may not) help with your 2019 tax liability it can have the potential to "BITE" you back in the future.

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Paycheck Protection Program loan forgiveness - Intuit

Feb 24 2021 · QuickBooks Capital is licensed as Intuit Financing Inc. (NMLS # 1136148) a subsidiary of Intuit Inc. In California loans are made or arranged under CFL Licensed #6054856. Minimum loan amount varies by state. Intuit Financing Inc. (d/b/a QuickBooks Capital) is an authorized SBA Paycheck Protection Program Lender.

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Solved: Truck driver mileage deductions seems high - Intuit

Jun 07 2019 · I just completed doing my tax I am an owner operator Truck Driver and have covered over 152000 business miles in 2017. I have my mileage logs and paperwork to back up my mileage but because the expense is so high (152000*.535) my tax paperwork is reflecting a $60000+ loss on the business part of my tax return.

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Depreciation Guidelines for Vehicles and When to Report ...

Depreciation limits for trucks and vans: The depreciation limits for trucks and vans placed in service in 2014 and used for business are shown in Exhibit 2. If the truck or van qualifies for bonus depreciation discussed below and the taxpayer does not elect out the first-year limit amount is increased by $8000.

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Business Vehicle Deductions for 2020 - Brady Ware CPAs

Jan 04 2021 · You can deduct the entire $65000 in 2020 thanks to the first-year bonus depreciation privilege. If you use the vehicle only 60% for business your first-year deduction would be $39000 (60% x $65000). To qualify as a heavy vehicle an SUV pickup or van must have a manufacturers gross vehicle weight rating (GVWR) above 6000 pounds.

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