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[OM] Re: [OT]Are any list members US Tax Accountants?

Subject: [OM] Re: [OT]Are any list members US Tax Accountants?
From: Chuck Norcutt <chucknorcutt@xxxxxxxxxxx>
Date: Thu, 02 Feb 2006 08:40:19 -0500
Ah, now I remember the sticking point.  To utlize the Section 179 one 
year deduction vs. amortization you must be profitable.  You can't 
deduct a loss on business operations from non-business income using a 
section 179 deduction.

Chuck Norcutt

Scott Gomez wrote:

> Sounds like section 179 deductions are what the confusion is about, as
> compared with other types of expensible business items. Section 179
> deductions are, I believe, capped at some $108,000 this year. They can
> be used for a variety of things that often used to have to be treated as
> capital expenses, and are used to deduct the entire expense in the first
> year. The maximum amount that can be deducted is offset by some other
> calculational arcana, I forget which, as TaxCut has handled the whole
> mess for me every year (and explains well what things can be deducted).
> So far so good, over some 12 years, no one at the IRS is sending me
> nasty notes.



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