Section 179 vehicle write off

[Rick Barbato]

Can anyone tell me what the “back in my pocket” amount I’d receive from using the section 179 vehicle tax deduction?

For instance, say I purchase (for my business) a vehicle over 6000 gvwr, for 40k.

If I’m able to write off 100 percent of that, how much money, would literally be returned to me when I receive my taxes back.

Obviously it’s more complicated than that... but is there a ball park number or percentage of what actually gets returned in type of tax deduction?

Thanks!

[Steven Hamilton II]

Originally posted by @Rick Barbato:

@Ashish Acharya

Ahh! I think I get it. Is this why a lot of people claim 9 dependents regardless of how many they actually have?

Sounds like it’s better to owe.

 It is pay me now or pay me later. A Tax return is a reconciliation of what you were required to pay. 

I would recommend speaking to an accountant for them to spend some time teaching you about tax deductions vs credits.

It will help you learn the value of expenses and deductions versus credits that may benefit you.