I'm thinking of buying a propane griddle and starting a part time concession business to make Philly Cheese Steaks and sell at local festivals, fairs and do fund raisers for my American Legion post. Also thinking of selling BBQ as well.
YES, STILL IN EFFECT!!
July 1, 2011
RECENT TAX LAW
The 2003 Internal Revenue tax code has increased the section 179 maximum deduction for commercial vehicles with a loaded gross vehicle weight greater than 6,000 lbs.(and that includes my Jeep Grand Wagoneers!) in the year of purchase.
That means a qualified taxpayer/buyer may be able to deduct (expense) the entire purchase price (Not to exceed $25,000) from their taxable income in the first year!
The savings can be significant!! This may not last long, so take advantage of it while you can! Consult your tax adviser to determine your eligibility.