Vehicles Equal Moving Deductions for Mining Operations
August 2019 by Mark E. Battersby
Knowing how and when to deduct the cost and expenses of the vehicles used in the prospecting or mining operation can have significant tax implications.
Although the risk of a federal tax audit remains low, thanks to the Internal Revenue Service’s secret audit selection process every prospector, miner, and mining-related business owner has good reason to fear an audit, but only if they are not prepared.
While many prospecting or mining operations don’t have sufficient profits to benefit from accelerated write-offs or even the full 100% “bonus” depreciation write-off, other options can be equally rewarding.
The question of relentless government payouts continues to haunt the political system.
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