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Anyone get tax perks for Tacoma/Business use?

Discussion in '3rd Gen. Tacomas (2016-2023)' started by Tommygun45, Jun 11, 2017.

  1. Jun 11, 2017 at 5:52 PM
    #1
    Tommygun45

    Tommygun45 [OP] New Member

    Joined:
    Jun 11, 2017
    Member:
    #221250
    Messages:
    1
    First Name:
    Tom
    So I am a full time teacher but I started a real estate photography business on the side. This is my second year in and I am making quite a bit of money doing it. So I need to start looking to write things off which is really just an excuse to spend money on toys.

    I love the TRD Pro. I would get an '18 but the problem is the GVWR on the 17's is 5600 pounds. There is a Section 179 provision of the tax code that states that if you purchase a vehicle over 6000 GVWR you can write it off in your taxes. Sometimes up to the entire thing. This could potentially be a savings for me of up to $10,000 next year in taxes. Because of this, and my limited knowledge I am leaning towards getting an F150 instead. They would qualify and have a 6 foot bed which is another provision to get the full write off.

    So I guess my question is, does anyone use their Tacoma for their business and does anyone know how to write it off, or if this is possible?
     
  2. Jun 11, 2017 at 7:59 PM
    #2
    daddy_o

    daddy_o Well-Known Member

    Joined:
    Nov 1, 2015
    Member:
    #168380
    Messages:
    5,472
    Bossier City, La
    Vehicle:
    2018 TRD Sport, Inferno, w/tech package
    Factory Blackout package, Soft roll up bed cover, Cheap seat covers, Front and rear dash cam, AVS in channel vent visors
    I think you may have misinterpreted section 179.
    You can write off a certain percentage of any vehicle used for business, however, section 179 is sort of a bonus if you will, that allows businesses to write off the full purchase price of qualifying equipment.
    Your best bet is to find a local tax preparer that can help you with federal and state write offs for business.
     
    doublethebass and big_jarv like this.

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