Who Says There is No Santa Claus ?

Essex & Associates::www.essexinc.biz December 20, 2011

Greetings!

If you will convert a personal vehicle that you bought new to a business use before December 31, 2011 you can qualify for a 100% bonus depreciation for this tax year.

This depreciation is for the full fair market value for vehicles over 6,000 pounds and is $11,060 dollars for other vehicles.

Example: George and Virginia Taxpayer purchased a new vehicle in 2010 while Virginia was a W-2 employee. She used the car to drive to work and for personal use. The car was never used for business.

In 2011, George starts using the car in his business. Because George and Virginia Taxpayer purchased the car new, George may use the bonus depreciation in calculating his business deductions for 2011. Thus Georges' business deduction is $11,060 in 2011 for his 2009 car.

Yes, Virginia there is a Santa Claus.

Wishing you many happy returns,

Wayne
http://www.christianspeaker.net/speaker.php?mid=512

http://www.youtube.com/watch?v=N4CUea5HEio

Wayne T. Essex Ph.D.

Essex & Associates

Tax, Accounting, Payroll

7501 Paragon Road

><> 937.432.1040 <><

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“Wayne Essex and his staff are very personable & knowledgeable in the financial realm. They were a great help with our taxes including my wife's Mary Kay business. We will be using them again. On a personnel note: If you ever get to hear Bro. Essex speak or preach, you will not be disappointed. Great Results, Good Value, High Integrity!
Jeffrey Scott Gabbard
November 23, 2011

“I came to Wayne after getting a recommendation from a business client and I'm extremely happy with the results that his firm provides for my small business. They have always taken the time to recommend ways that my small company can improve the bottom line.
John Johnston
April 24, 2011

“Wayne is a highly professional Accountant. He is an expert in his field. His company & associates work very hard to get you the best possible results. I highly recommend his company to anyone who is serious about their professional and personal well being.
Al Gilmer Co Owner H & A Limousine & Sedan Service
May 14, 2008

“Wayne is a man of integrity who works hard to maximize value for his clients while helping them to achieve life goals. Wayne is exceptionally sharp and has an unusually strong grasp of tax law.
Craig A. Steffen,
July 6, 2007

“Wayne is exactly what you are looking for when it comes to financial and tax advice - lots of knowledge, honesty and integrity. July 6, 2007
Principal & Co-Founder, Advanced Technology Consulting, Inc. David Goodwin
July 6, 2007

April 17, 2012* 2011 Federal Tax Return Tax Day for Tax Year 2011
Filing deadline and due date for Federal Income Tax Returns.

April 17, 2012 2011 State Tax Return Due date for most State Income Tax Returns.

April 17, 2012 2011 Federal Tax Extension Due date for Tax Extensions for 2011 Federal Income Tax Returns.

April 17, 2012 2011 State Tax Extension Due date for most State Income Tax Extensions.

October 15, 2012 2011 Federal Tax Return Last day to e-file a 2011 Income Tax Return for Tax Extension filers and late Tax Return filers.

April 15, 2015 2011 Tax Amendment You can file an Amended Return anytime, but you have a deadline of 3 years from the original due date to claim any tax refund.

No Deadline Previous Year Tax Returns You can file a Tax Return for a previous tax year anytime, but you can only claim a refund within 3 years of the original tax deadline.

Official IRS 2012 Deadlines PDF