2012 Cayenne Tax Automobile tax savings , write-offs, profit-taking,  employee bonus options for small business owners. Since the Hummer is gone and gas is still over $350.00 a gallon, most small business owners have given up on the Escalades, Tahoes and Land Cruiser because of the fuel and manuverability.  However, if utilizing the IRS tax code Sec. 179 for your business vehicle is applicable to you, consider thePorsche Cayenne AWD. This shart 5 seater is the ultimate off-road machine; matches a spry 6cyl, with reasonable fuel economy, 7700lb towing capability and luxury, all while being the most prestigious, internationally hearlded auto brand in the world. If you are looking to take advantage of some year-end tax savings, bonus or need to add another vehicle to your fleet, consider a Porsche Cayenne. Gaudin Porsche of Las Vegas has created a unique proposition for the Cayenne, offering a certified Cayenne lease for $499.00 a month (see dealer for details) and new or used (both eligible for tax savings on vehicle purchases). Year-end tax planning and pro-tax saving for 2012 is crucial in this election year. Don’t miss out on your business vehicle deduction opportunity! Contact your accountant for tax advice. Youngstown, Ohio CPA Harold Davis offers some other unique tips for 2011 tax savings, so get on the ball before December 31st falls! Potential Tax Implications of Gas Lease Income  The extraction of natural gas from Marcellus Shale deposits in Ohio and Pennsylvania is bringing substantial financial benefits to many landowners. Significant tax implications often accompany these benefits so landowners planning to enter into a gas lease need to be aware of how income from a gas lease is taxed and how it can affect the landowners overall tax profile. Lease Bonus and Royalty Payments – These amounts are taxed as ordinary income, subject to marginal federal tax rates up to 35 percent (potentially 39.6 percent in 2011). Depletion Deduction – A tax incentive, in the form of a percentage depletion deduction, is available to most recipients of royalty payments (not lease bonus payments). The percentage depletion deduction is equal to 15 percent of royalties received, resulting in only 85 percent of the royalty usually being included in a taxpayers income. Changes to Overall Tax Profile – Increases in income can have hidden tax costs. Additional income may result in a greater portion of Social Security benefits being included in federal taxable income or a phase out of various tax deductions and credits. Reducing the Impact of Lease Income – Concentrating deductions in tax years in which significant lease bonus or royalty payments are received can help reduce income. Deductions to consider include maximizing depreciation and Section 179 equipment expensing deductions for a landowner’s farm or self employed business; maximizing allowable contributions to IRAs and other retirement plans, establishing Health Savings Accounts, if applicable; bunching of several years’ charitable donations for landowners who itemize deductions; and other techniques that can be suggested by your tax advisor. Damage Payments – Payments negotiated as damage payments can receive favorable tax treatment. Damage payments related to land or timber are tax free to the extent of a landowners basis (generally his or her cost) in the affected property. Payments in excess of the basis are usually taxed as long term capital gains. (Payments for damages to a farmer’s crops are considered ordinary income from the farm.) These ideas are not intended or written to be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations and cannot be used for these purposes.  For personal/business tax consultations contact Harold at the number below. Visit Our Website: www.hddaviscpas.pro H.D. Davis Associates, Inc. 125 Churchhill Hubbard Road Youngstown, OH 44505 (330) 759-8522 Sarah Lee is a 20 yr. automotive executive writing on all things car related. A huge consumer advocate for better car deals and manufacturer responsibility. This website and the information provided is fueled by donations. If you feel the information provided is helpful, please feel free to contribute by clicking here. Thank You for your support. SLM

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