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Old 04-01-2012, 12:20 PM
 
1,114 posts, read 2,339,994 times
Reputation: 702

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Quote:
Originally Posted by jpatlanta View Post
Not sure on the over milage but the contract is 10k a year I from Hennesey Buckhead on a base model.

I said $500 a month true cost looking at the fact that the $800-900 payments can be written off at a 40% tax rate but to be honest I also charge 55 cents a mile back on expenses so its probably effectively free. I am guessing looking at your mileage and the fact you are going to rentals you can also write off the miles at 55c. Better make the Sea Island trip some kind of business research
You know that's OR deduction right? You either take the $.55/mile standard calc or lease+gas+maintenance. Taking both isn't exactly kosher. Also, how exactly are you hitting 40% on taxes unless you're counting federal and state? The gov't loves to subsidize your car but they aren't downright paying for it.

I'm not an accountant but if you're using one, they're either incompetent or super aggressive. My coworker got a nice audit b/c he was an idiot deducting mileage on business trips that he was reimbursed for. That and he put 4 exemptions and found out he owed the IRS 5 figures before he started his taxes.

How to Write Off a Vehicle Lease on Your Taxes | eHow.com
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Old 04-01-2012, 01:53 PM
 
31,993 posts, read 36,507,354 times
Reputation: 13244
Quote:
Originally Posted by Saintmarks View Post
If someone has the income and can afford a more expensive make, what is the problem? Who cares what someone else drives? Why should it bother any of you?
I'm not opposed to somebody forking out $800 a month for a car lease. That's their business, I just wouldn't do it myself.

I love fine cars and have had several collectibles over the years.
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Old 04-01-2012, 02:06 PM
 
1,250 posts, read 1,875,601 times
Reputation: 411
Quote:
Originally Posted by Saintmarks View Post
I am trying to understand the purpose of this thread and the motivation for many of the posts.

Envy?

If someone has the income and can afford a more expensive make, what is the problem? Who cares what someone else drives? Why should it bother any of you?

Personally, I have owned 7 Hondas in my lifetime, fits my budget, good, reliable, fun to drive, economical. I bought 5 of the seven used, this last one I leased, got the top of the line Accord (had always had the more basic models prior). I love it.

But if I were in a higher income bracket, would love an S class Mercedes or an Audi 8. It isn't in the cards, but when I see someone driving one, I just admire it. I like my nice Accord just fine, am glad they are in their nicer car, but I don't have to start making value judgments about their lifestyle or mindset.

And what is with this term "new car consumption?" Makes it sound like it something bad that should be avoided. Our economy is strongly built on the car industry, we all suffer if the car industry suffers. Why wouldn't any of us, no matter our political persuasion, be glad that new car sales are up?

How about we start a thread on how much people spend on new clothes and pay exorbitant amounts on frocks that will be worn a time or two? Then let's say bad things about those people so we can be smug about our on lot in life by knocking them down a peg or two....
Did you read the first post/page before going on your little nasty " above it all" rant? The OP and other person commented on how they were teased and made fun of for not having new/luxury cars BY CHOICE , not hating on people who do. Many of these people afford it. Way to fail at teaching people a lesson and reading comprehension bro .
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Old 04-01-2012, 03:45 PM
 
Location: Georgia native in McKinney, TX
8,057 posts, read 12,776,034 times
Reputation: 6318
Quote:
Originally Posted by Onthemove2014 View Post
Did you read the first post/page before going on your little nasty " above it all" rant? The OP and other person commented on how they were teased and made fun of for not having new/luxury cars BY CHOICE , not hating on people who do. Many of these people afford it. Way to fail at teaching people a lesson and reading comprehension bro .
My oh my, a bit touchy are we?

I have had OLD cars for the majority of my life. I have had some friends make fun of them. I have turned around and made fun of them myself. I found no reason to speculate on why others would by a new car when I couldn't or had no need to. My response was as much on the following comments as it was the OP.

There are as many different reasons people drive a certain car as there are buyers for these cars. I am sure there are some that make unwise choices in the rest of their financial lives to drive a car beyond their means. Life will soon catch up with them and they will pay for it, but last time I checked it was a free country and a person still had the opportunity to be stupid with their money if they wanted to be.

But I read a lot of class envy in many of the following posts, the kind of smug comments that equate another's fortune with something negative... too vain, living beyond their means, shallow, etc, etc. I find that nasty. If you think my observation of this is nasty, well, you have the freedom to do that in this country. At least we still have that right.

But using terms like "new car consumption" just smell of the turning of the tide against such freedoms... like buying whatever you want to buy even if it is stupid in someone else's eyes.

Am I late to the game? Is this term NEW CAR CONSUMPTION new to anyone else? Does anyone else smell an agenda here?
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Old 04-01-2012, 05:38 PM
 
1,250 posts, read 1,875,601 times
Reputation: 411
Quote:
Originally Posted by Saintmarks View Post
My oh my, a bit touchy are we?

I have had OLD cars for the majority of my life. I have had some friends make fun of them. I have turned around and made fun of them myself. I found no reason to speculate on why others would by a new car when I couldn't or had no need to. My response was as much on the following comments as it was the OP.

There are as many different reasons people drive a certain car as there are buyers for these cars. I am sure there are some that make unwise choices in the rest of their financial lives to drive a car beyond their means. Life will soon catch up with them and they will pay for it, but last time I checked it was a free country and a person still had the opportunity to be stupid with their money if they wanted to be.

But I read a lot of class envy in many of the following posts, the kind of smug comments that equate another's fortune with something negative... too vain, living beyond their means, shallow, etc, etc. I find that nasty. If you think my observation of this is nasty, well, you have the freedom to do that in this country. At least we still have that right.

But using terms like "new car consumption" just smell of the turning of the tide against such freedoms... like buying whatever you want to buy even if it is stupid in someone else's eyes.

Am I late to the game? Is this term NEW CAR CONSUMPTION new to anyone else? Does anyone else smell an agenda here?
You just won't except the fact that just becuase some of these posters drives a old car by choice that they could afford a new pricey one also. The point of this thread is why Atlanta seems to be a city full of people who buy new cars a lot. What's wrong with asking? No one is saying anything about rights and freedoms. No one is trying to make a law. It's just a board discussion 90% of the topics have little or no bearing on anyone, chill out.
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Old 04-01-2012, 05:44 PM
 
Location: Georgia native in McKinney, TX
8,057 posts, read 12,776,034 times
Reputation: 6318
Where is the emoticon with the two thumbs and two forefingers forming the sign of a big W?
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Old 04-01-2012, 11:41 PM
 
Location: Mableton, GA USA (NW Atlanta suburb, 4 miles OTP)
11,334 posts, read 25,968,863 times
Reputation: 3990
Quote:
Originally Posted by Saintmarks View Post
Where is the emoticon with the two thumbs and two forefingers forming the sign of a big W?
Wasn't there something buried under the big W? Or was that a movie?
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Old 04-02-2012, 09:09 AM
 
454 posts, read 817,190 times
Reputation: 323
Quote:
Originally Posted by Mishap View Post
You know that's OR deduction right? You either take the $.55/mile standard calc or lease+gas+maintenance. Taking both isn't exactly kosher. Also, how exactly are you hitting 40% on taxes unless you're counting federal and state? The gov't loves to subsidize your car but they aren't downright paying for it.

I'm not an accountant but if you're using one, they're either incompetent or super aggressive. My coworker got a nice audit b/c he was an idiot deducting mileage on business trips that he was reimbursed for. That and he put 4 exemptions and found out he owed the IRS 5 figures before he started his taxes.

How to Write Off a Vehicle Lease on Your Taxes | eHow.com
Yes agreed it is an OR for the IRS in terms of the tax deduction. You need to chose which method.

Its been approved by all large accounting firms in the following scenario: company leases the car. When employees of the company work at client sites: client is charged standard mileage. So only the car lease is deduated with IRS, but clients effectively pay most of the mileage. If you can bill 1000 miles to the client a month you break pretty much even on a RR or similar adding in the lease deduction.

Yes I was adding fed and state.

In 2011 full 100% business deduction over 6000lbs which includes a RR sport. Crazy but thats one of the reason you see so many realtors driving them.
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