Tax Reduction Expert Explains New IRS Vehicle Depreciation Limits for 2009
(SAN RAFAEL, Calif. - May 20, 2009 - Tax Reduction Letter) Tax reduction expert Murray Bradford today released a complimentary article that looks at new vehicle depreciation limits for 2009. Available in the Free Resources section of his tax reduction website, the Bradford Tax Institute, "IRS Releases New Vehicle Depreciation Limits for 2009" is an article that provides easy-to-follow examples illustrating how these new rules affect small business taxpayers. Normally accessible only to Bradford Tax Institute subscribers, this and other articles from the Tax Reduction Letter transform countless little-known tax reduction tips and strategies into common, actionable knowledge.
"In handling the buying and selling of a business vehicle, a wrong move can spell disaster for the small businessperson's tax liabilities," said Bradford, whose expertise in tax reduction comes from 30 years in accounting, including a lengthy stay at Price Waterhouse. "But many, because they are unfamiliar with the rather complicated rules, nevertheless take the wrong steps. This makes an accessible explanation of how to go about this correctly all the more critical."
Publisher of the Tax Reduction Letter every month, tax reduction expert Murray Bradford, CPA, has years of experience in developing and implementing small business tax reduction strategies. A former accountant for Price Waterhouse, Bradford is founder of several tax reduction strategy businesses. Quoted in national publications such as The Wall Street Journal and featured on national programming such as Financial News Network and CNBC, Bradford has helped more than 500,000 self-employed taxpayers realize an average of $17,700 in new tax deductions. His popular courses provide actionable small business tax advice.
Notes Bradford's article, the rules surrounding vehicle depreciation have not changed since 1984, when government decided no longer to allow business taxpayers to write off the entire cost of a vehicle over the course of the first three years of ownership. Bradford goes on to explain four rules that small business owners must follow to realize the best possible tax benefits on their business vehicles' depreciation limits:
Rule #1: Watch the size of the back end basis.
Rule #2: Know your gain or loss before trading or selling.
Rule #3: Sell to take advantage of the loss.
Rule #4: Trade or use an intermediary to effect a Section 1031 exchange, which defers paying taxes on the gain.
Following these rules is tantamount to small business owners' ability to benefit from depreciation limits on their vehicles, notes Bradford, who provides examples to illustrate the scenarios. Jargon and terms such as "back end basis" and Section 1031 are defined and explained, and the IRS's luxury vehicle tables for 2009 are included.
"A small business owner can easily sell a business vehicle that should have been traded in, or vice versa, and lose out on big tax savings," said Bradford. "The overriding factor is the back end basis of the original purchase, and buyers need to know how to calculate back end basis before they can begin to benefit from properly applying it."
Bradford invited taxpayers and tax professionals alike to view the Bradford Tax Institute video tutorial. Nearly 400 Tax Reduction Letter articles detailing tax reduction tips are available at the Bradford Tax Institute, with more on the way and all written in plain English for tax laypeople and annotated for savvy accounting professionals. A 7-day free trial of the Bradford Tax Institute is available, which yields full access to the last three issues of Tax Reduction Letter for a week. Readers have the choice of subscribing to the Tax Reduction Letter in order to receive access to not only the latest issue, but also all archived issues that are on the site.
Bradford noted the availability, as well, of "Tax Strategies for the Self-Employed (2009)," his annual course of tax reduction tips designed to help one-owner and husband-and-wife businesses navigate the maze of rules they must follow to properly determine and report their income. The tax reduction course reveals 171 tax lowering strategies that draw on his expertise from 30 years in accounting. Bradford's tutorial on S corporations, posted at YouTube, is one example of these. Readers may order Bradford's tax-saving course now, or they may first watch a video that shares seven free insights into reducing and audit-proofing their taxes.
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About Murray Bradford, CPA, Tax Reduction Expert
Tax reduction expert Murray Bradford, certified public accountant and publisher of the monthly Tax Reduction Letter, has years of experience in developing and implementing small business tax reduction strategies. Following nine years at Price Waterhouse, where he twice enjoyed the distinction of being selected to serve in the firm's Washington, D.C. national office, Bradford launched his tax reduction strategies businesses to focus on lowering taxes for one-owner and husband-and-wife businesses. Bradford has since helped more than 500,000 self-employed taxpayers realize an average of $17,700 in new tax deductions. His courses, including "Murray Bradford's Tax Strategies for the Self-Employed (2009)," are veritable goldmines of actionable small business tax advice. The news media regularly turn to Bradford for his tax strategy expertise, which he has shared in print publications and on radio and television programming, such as "CBS News Nightwatch," Financial News Network, KCBS, KGO-TV, KGO-radio, WFAN, WABC-TV, Fox, NPR, CNBC, The Wall Street Journal, The New York Times, Changing Times, Chicago Tribune, Money, Fortune and USA Today. A former Marine and author of several books, Bradford is an active member of the American Institute of Certified Public Accountants, the California Society of CPAs, the Minnesota Society of CPAs, and the Greater Washington, D.C. Society of CPAs.
Readers may turn to Bradford's TaxStrategies Blog and YouTube page for his latest thinking on matters tax-related.
The media may contact either of the following individuals:
Kelly Clark
Regional Resource Manager, Tax Reduction Letter
7 Mount Lassen Dr., Ste. C258
San Rafael, CA 94903
kclark AT bradfordandcompany DOT com
PHONE (direct): 415-446-4342
PHONE (main): 415-446-4340
FAX: 415-446-0127
Brent W. Skinner
President & CEO of STETrevisions
PHONE: 617-875-4859
FAX: 866-663-6557
BrentSkinner AT STETrevisions DOT com
http://www.STETrevisions.com
http://www.brentskinner.blogspot.com
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