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Article Date:
December 2016


Word Count:
1103

 

 

2016 Last-Minute Vehicle Purchases to Save on Taxes


Two questions:

 

1.

Do you need a replacement business car, SUV, van, or pickup truck?

2.

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, 2016.

 

To ensure compliance with the “placed in service” rule, drive the vehicle at least one business mile before midnight on December 31, 2016. In other words, you want to both own and drive the vehicle to ensure that it qualifies for the big deductions.

 

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