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11-22-2001, 09:36 AM

quatac

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Leasing

Anyone have any suggestions on leasing? I would like to right it off at tax time. Do I need to establish anything before I do the deal or can it be done afterward. Are North Carolina laws different than other states? Thanks in advance.

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11-22-2001, 07:36 PM

JoeO

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What do you mean by "write it off"? Fill us in...

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11-23-2001, 06:46 AM

quatac

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Re: What do you mean by "write it off"? Fill us in...

If you use a vehicle for business you can right off a good portion of the lease at tax time.

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11-23-2001, 08:23 PM

Audi Junkie

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Business has to gross >$200k or more if I remember....just a guess, check it out though.

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11-23-2001, 09:46 PM

calberto

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I don't recall any income restrictions for deducting

auto expenses. I've been out of public accounting for about 3 years now, but that doesn't sound familiar at all, as far as I remember. All state laws are different, consult your tax advisor.