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Article Date:
December 2011

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Last-Minute Tax Planning for Business Vehicles

Okay, it’s December and you need tax deductions.


You can find bonus depreciation and Section 179 deductions on purchases of business cars, trucks, SUVs, crossover vehicles, and motor homes.


You might find tax-deductible business losses on the sale of existing business vehicles—even on those old business vehicles that your children now drive.


Since you are looking for deductions, you want to avoid selling business cars and other vehicles that produce a taxable gain on sale. In this case, use the trade-in or another Section 1031 exchange to defer the taxable gain.


You might convert a personal-use vehicle to business use and realize bonus depreciation deductions.


There’s much you can do. This article gives you nine tax-planning strategies for business vehicles that you can use before midnight December 31, 2011.


If you are looking for tips not related to vehicles, see the article titled “Last-Minute Year-End Tax Planning for Your Business Tax Deductions.”


1. Use Bonus Depreciation on a New SUV or Crossover Vehicle with a GVWR of 6,001 Pounds or ... Log in to view full article.

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