I'm filing 2003 taxes and have a refund coming (long story, I have had several major surgeries and rehab from 2002 to
2006, but an incompetent CPA has left me in this spot).2001 taxes were filed w/ $6050 refund applied toward future taxes. 2002 taxes are not done yet, but I was eligible for a refund of approx $ 7-9K - had I not missed the 3 year deadline.
I have a small computer consulting business and had W2 income as well from 1998 to 2003.
I'm confused about the section 179 deduction and the special depreciation allowance. I bought a qualifying truck 12-31-2002 (over 6,000 lbs). I am going to take the sec 179 deduction in 2003, the year the truck was put into service. I've read several articles and IRS pub 463,
946, and 3991 - a May 2002 supplement.I read SOMEWHERE (or dreamed it) that you had to put the vehicle in service, and take the 179 deduction, and purchase the vehicle all in the same tax year. I haven't been able to find that statement again, so I'm hoping some of you will be able to clarify that for me.
Unfortunately, since I've fired my CPA that lost my 2002 refund, I'm struggling to complete the small business portion of my tax return. I don't have a copy of any tax software for 2003, so I'm using TurboTax 2004 to give me a little help on filling out these schedules.
Thanks for any help.
Cathy