Pay attention Lambo and Ferrari owners! Well, for that matter anyone who has bought a car that cost over $15,000. That’s because according to the IRS, you have a luxury car. And up until now, you didn’t get to take much of a deduction for a business luxury car.
Before you get too excited, it hasn’t turned into the biggest loophole ever. But the new Economic Stimulus Act has increased the depreciation amount you can take for your business car. Previously, you were limited to $3,060 for a 100% business-use car. That amount has been increased by $8,000 to $11,060. Okay, it’s still a drop in the bucket compared to the cost of a true luxury car, but it is something better than before!
Remember to get your copy of the new Special Report on the Economic Stimulus Act at the First Class Lounge. If you’re not yet a member of the First Class Lounge, you can join today by going to http://www.taxloopholes.com/index.php?s=benefits.