Bought my bus this year. I own my own business. Your band is your business. Under the IRS Section 179 you can purchase machines and product for your business up to $125,000 and can choose to depreciate it in the first year. This could add up to some serious tax credit/s. The only rule is that you can only dep. up the the amount of your income. So, if you make $80k a year this would be your cap. Basic math a 1/3 tax would yield you about $41k in tax credit based on the full $125k. This is the basics and you will want to read further into this code.

This Section 179 has been abused by many accountants and attornies and in Jan 2010 is be phased back down to $25,000 from what I understand. They were buying Hummers and the like and getting large tax breaks. The so called loop hole/s. So, the window is closing soon for this tax credit. My accountant went over this with me in great detail and this tax break should be used by anyone who is self-employed or the like.

Tully Lee Garrett