USA Chapter 179 Vehicle Deduction

[danam1974]

Hello everyone, I have a question regarding Chapter 179 vehicle tax deduction and was wondering if someone might be able to help me.
I am a full time police officer and earn a W-2 income. I am starting a new consulting business in investigations for insurance companies. This will be a LLC. I want to purchase a new SUV over 6000lbs so I can use it for my business. If I purchase the vehicle before December 31 of this year and I have not made any income in the business this year, can I take the $25000 deduction off my taxable W2 total income? Or is the deduction only off the business income?

Thanks all

 

[kirby]

Review IRS form 4562, (which is the buzzkill here). 4562 will limit your 179 deduction on the SUV to the amount of business income and not less than zero. So you cannot deduct against your w2 income. Sorry, officer.