Q. I am going to buy a truck or SUV for my business. The Cost will be around $35,000.00. How much can I deduct on my tax return this year?
A. You can deduct the entire cost under section 179 rules as long as it is used 100% for business and the GVW (Gross Vehicle Weight) is more that 6,000 pounds. Also there is a phase-out limit if your total business asset purchases exceed $ 400,000.00 for the year.Another option would be to deduct a first year depreciation amount equal to 50% of the business portion and depreciate the remainder over a 5 year period. The 50% additional first year depreciation only applies to new qualifying property.
Q. How often do I really need to back up my computer?
A. We recommend that you back up your computer DAILY. It is also good to take the backup off-site each day. Also remember to frequently rotate the media that you are backing up on. ex: rotate the memory sticks, external hard drives or CD's you use.