Updates to Book
This information is for the 2009 tax year - filed by April 2010.
Business Mileage - When claiming the Standard Mileage Rate on a vehicle used for business purposes, the 2009 rate has been reduced to 55 cents per mile.
Section 179 - The maximum amount you may claim for qualifying Section 179 property you placed into service in 2009 will be $250,000.00. This amount would be reduced, dollar for dollar, if you exceeded $800,000.00 (threashold amount - line 3 Form 4562) in qualifying property for 2009.
Truck and Van Depreciation Limits - The maximum first year depreciation amount you may take on a qualifying truck or van used in your business is reduced to $3060 for 2009. The passenger automobile limit is $2960.
Visit Simon's Blog for accurate explanations on how to properly figure business percentages.
