BUSH EYES ANOTHER TAX REBATE TO STIMULATE FLAGGING ECONOMY

Just in time to help you pay off those interest-churning Christmas bills, or just to give you a little extra cash to buy something you probably don’t need, President Bush is considering providing individuals and households a tax rebate. 

Many will remember Bush’s tax rebate from a few years ago that gave individuals approximately $300 and households roughly $600.  Well, this time around, Bush is upping the stakes with talk of an $800 rebate for individuals and $1600 rebate for households. 

In addition, Bush is reported to be mulling over the idea of letting business deduct half of their new equipment purchases in the year of purchase rather than requiring the businesses to capitalize those expenses and deduct portions of the expense over the depreciable life of the assets. 

All of this news comes at a time when U.S. citizens are growing more aware of tax time i and trying to maximize their own tax credits and deductions.  Those who own their own businesses are in the best shape to find deductions.  For example, the portion of one’s home that is exclusively used to conduct the business may be depreciated, fees paid to professional organizations and publications may be expensed, and any payment to employees or independent contractors for services provided can also be expensed. 

These business tax deductions open the door to legally deduct some pretty neat activities, if done properly.  For example, the owner of a small business may decide to treat his/her employees to a fun team building experience and deduct the associated expenses.  One such example I found was at www.dfwdriveyourdream.com.  DFW Drive Your Dream is a business located in Dallas/Ft. Worth that specializes in providing once-in-a-lifetime exotic car tours. 

These tours last an entire day and give participants the chance to get behind the wheel of five exotic cars that are way out of reach for most pocketbooks.  Additionally, participants are treated to lunch along the way.  Several different routes travel some of the most scenic territory in Texas and there are several different tours that each has its own line up of five cars.  Check out this fantasy car driving tour video for more on exactly what a tour is like.

Within the same family of companies is DFW Elite Car Club (www.dfwelitecarclub.com).  This business offers exotic car club memberships to individuals and businesses.  With its tiered membership system, DFW Elite Car Club allows members to determine their own amount of drive time behind the wheel of any one of over forty exotic cars.  Best of all, members are free from the worry and hassle of ownership.  Imagine motivating your sales team by offering a weekend behind the wheel of a Porsche 911 Cabriolet.  Again, depending on how the membership is used by the business, the expenses may be deductible.

Finally, for impressing that out-of-town client, DFW Elite Auto Rental (www.dfweliteautorental.com) offers exotic cars for rent.  With everything from luxury exotics to sporty exotics, this business can cover any occasion, even proms and weddings.  Once again, if used by your business for business activities, the costs may be a deduction. 

Please consult your tax professional for specific tax advice, and get to driving!

Written by G.D. Gregory.  If you are interested in having me write stories for you or seeing my portfolio, please contact me at ggpsu@yahoo.com.