Tax Expert Explains Business Vehicle Deductions in GM Video
PORTLAND, ME (September 2015) – New England’s go to tax expert, Sean T. O’Hare was interviewed by the Washington Post to provide insights for a new informative video. The video, sponsored by General Motors Fleet and called, “How to Expand your Business Fleet”, educates business owners on how they can take advantage of tax deductions for new fleet vehicles in order to grow their business.
The short animated video explains how business owners may be able to utilize Section 179 and the Bonus Depreciation deductions towards new vehicle purchases. This is for certain passenger vehicles, trucks and vans, with some exceptions, while larger vehicles may qualify for expensing up to $25,000.
Sean T. O’Hare, founder and CEO of Tax Debt Assistance and Founder of O’Hare Associates, CPAs says, “My job is to help businesses grow in this new economy. Helping the Washington Post outline the facts for this video was a great creative collaboration. Business owners with vehicles or ones wanting to acquire more vehicles can learn by watching this short video. It is best to talk with your tax advisor for more details; this video is a good educational starting point.”
Sean understands small business and the need to keep every penny. He knows the need for small business owners to lower their bottom line vehicle costs and improve their tax liability.
According to the official website of Section 179, for passenger vehicles, trucks, and vans that are used more than 50% in a qualified business use, the total deduction for depreciation including both the Section 179 expense deduction as well as Bonus Depreciation is limited to $11,060 for cars, and $11,160 for trucks and vans.
Exceptions include the following vehicles:
-Ambulance or hearse used specifically in your business;
-Taxis, transport vans, and other vehicles used to specifically transport people or property for hire;
-Qualified non-personal use vehicles specifically modified for business (i.e. van without seating behind driver, permanent shelving installed, and exterior painted with company’s name).
Certain vehicles (with a gross vehicle weight rating above 6,000 lbs. but no more than 14,000 lbs.) qualify for expensing up to $25,000 if the vehicle is financed and placed in service prior to December 31 and meet other conditions.
To learn more about Sean T. O’Hare and his services, visit www.taxdebtassistance.com. If you are a small business owner looking to grow your business by increasing your fleet vehicles through deductions from the IRS, watch the Washington Post / General Motors Fleet video by clicking here.
About Sean T. O’Hare, CPA, EA and CTRS
Sean T. O’Hare is the founder and CEO of Tax Debt Assistance O’Hare Associates, CPAs dedicated to helping individuals with tax debt and tax issue resolutions. He has been a CPA for over 20 years and is known as New England’s go-to tax resolution expert. He is the author of Fighting Back: A Small Business Owners Guide to Winning the Battle with the IRS, 10 Most Expensive Tax Mistakes That Cost Business Owners Thousands, and Why Businesses Stop Growing and What You Can Do About It.
About Tax Debt Assistance
Tax Debt Assistance (TDA) is an accounting and tax resolution firm that helps individuals and businesses in the New England area solve their tax troubles. TDA has over two decades of experience. The team is committed to helping their clients get rid of their IRS nightmares. Their certified tax resolution specialists help you find the right solution to tax debt problems including an offer in compromise, tax payment options, and innocent spouse relief. They support with payroll tax problems, non-filed tax returns, back taxes owed and other issues with the IRS. www.taxdebtassistance.com.
About O’Hare Associates CPAs
O’Hare Associates CPAs has an office in Cumberland County, Maine, provide families and small businesses with full-service accounting solutions including tax planning, estate planning, part time CFO services, QuickBooks setup and training, tax preparation and tax problem resolution. More at www.cpaportlandmaine.com.