John J.

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Q Is it true that I can buy a new SUV and deduct it from my income tax? This sounds too good to be true.

To qualify for the full deduction, a vehicle's weight plus its maximum payload, called the gross vehicle weight rating, (GVWR), must be at least 6,001 pounds. Also, the deduction can be claimed only when the vehicle is used for business purposes at least 50% of the miles it is driven. Finally, the provision applies only to vehicles in the "light truck" classification, which includes SUVs as well as full-sized pickup trucks and vans. The provision does not include passenger cars and smaller trucks and vans, for which the deduction is much less. To make sure you are buying a vehicle that qualifies, check for the GVWR on the information sticker affixed to the inside edge of the driver's side door. Also, many financial Web sites offer a listing of these three-ton-plus tax deduction bonanzas-check out 

 for a complete lineup of SUVs and trucks that are eligible. 

 Many individuals have a trust agreement in their overall financial plan. Oftentimes, the owner of a trust will designate a relative, usually a spouse, an adult child, or a close friend to serve as a co-trustee or a successor trustee, rather than using a corporate trustee. This is mostly done so that someone who knows you and your needs would take care of your trust, rather than an unknown corporate trustee. In most cases, choosing a relative or friend may be the right course of action. However, in this article we would like to point out the benefits of using a corporate trustee. 

Administering a trust and its assets can be complicated and time-consuming. Increasingly, owners of trusts are realizing the value of having a corporate trustee to safeguard their assets and simplify the burden on any individual co-trustees and successor trustees. 

Trustee responsibilities				Depending on the size and complexity of an estate, the fiduciary demands of being a co-trustee or a successor trustee can be quite rigorous and demanding, and may include: 

Not only must the co-trustee or successor trustee be capable of handling these and possibly other complex responsibilities, but he or she will likely have to devote a substantial amount of time to the tasks. Before naming an individual as a trustee, you should be absolutely certain that he or she is qualified to fulfill these duties and, that whomever you choose, understands the responsibilities. 

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The IRS issued proposed regulations that have all but eliminated the fear of making bad decisions and essentially allow a 'stretchout' IRA for everyone.

John J.

Articles

SUV may qualify for tax break if used primarily for business