Do you need a replacement business car, SUV, van, or pickup truck?
Do you need tax deductions this year?
If you answered “yes” to both questions, you need to examine this article and get ready to smile.
Don’t procrastinate. If you want the deductions, you need to
own the vehicle, and
place it in business service before midnight, December 31, 2015.
To ensure compliance with the “placed in service” rule, drive the vehicle at least one business mile before midnight on December 31, 2015. In other words, you want to both own and drive the vehicle to ensure that it qualifies for the big deductions.
Now that you have the basics, let’s get ... Log in to view full article.