Ok, so this is a bit absurd... look at this.... Please Register or Log in to view the hidden image! For the purposes of income taxes on the form T2124, "automobiles" are classified as.... "An automobile does not include: ... - a pick-up truck that, in the tax year you bought or leased, was used more then 50% to transport goods, equipment, or passengers while earning or producing income at a remote work location or at a special work site that is at lest 30 kilometers from the nearest community having a population of at least 40,000 persons...." HAHAHA!!! Can they get MORE specific, please!?!? I wonder how many people are capable of keeping track of such limitations!!!!! Please Register or Log in to view the hidden image! And that's only ONE limitation out of 9. Plus they have 2 other types of vehicles classified. YIKES!!! I guess that's why I have a job! LOL!!!!! Please Register or Log in to view the hidden image!
It's not all that difficult, TS, and being a highclass accountant, you should see that as something so simple that a child could do it. And yet here you're making it out to be such a major obstacle. Geez. I don't why you say it like that? As an accountant, all you'd do is the basic tax forms ....the client would keep all of the records and give them to you. You're doing the easy work. Baron Max
I'm not saying it is hard for me. I'm just amazed at how specific they get sometimes.... HAHA!!! Please Register or Log in to view the hidden image! A lot of people can't even track how many miles they drive for business.... :shrug: I do the bookkeeping too.... Oh, btw..."I don't why you say it like that?" is not a proper sentence.... LOL!! Please Register or Log in to view the hidden image!
This is a loophole that allows businesses to write off the expense of a truck, while not allowing the same write off for a car. The effect is that lots of businesses are encouraged to buy vehicles like the Hummer and other large trucks even if they don't really need it.
i can vouch for that it ended up being cheaper for my formor nieghbor to buy a heavy suv rather than a light one because of the loophole