The administration has extended IRS Sec 179 deduction for 2020 tax year with a cap of $5,000,000. This means you can expense new and used limousine purchases and equipment up to 100% of the purchase price to a cap of $5,000,000 this year. Develop a new business plan, update your financials along with your 2019 IRS return and financing will be … [Read more...]
IRS Tax Code 179
Section 179 of the IRS Code is set to expire December 31,2016. As I see it, there is little chance Congress will extend it regardless of who wins the Presidency. It is the "mother lode" of all deductions for limousine companies. I point out that the specific langauage in tax code 179 is "a vehicle used directly in the trade or business of … [Read more...]
IRS and Voluntary Classification Settlement Program
The IRS is gunning for you if you still use Independent contractors. The number of audits are increasing and they go back 6 years. You're twice as likely to get the audit if you have had over $100,000 in revenue. Unfortunately, almost all limo companies can not meet the 20 point criteria in the IRS CODE. The Department of Labor has hooked up with … [Read more...]
