If you buy a business vehicle today, what is the maximum tax deduction that you can claim for depreciation and Section 179 expensing?
That should be a simple question to which there should be an easy answer.
But that’s not the case.
Lawmakers have spent way too much time on vehicle deductions. How do we know? Because the more time they spend, the more complex they make it.
Enough of the bad news. In this article, you will get a clear understanding of your vehicle’s tax deductions for depreciation and Section 179 expensing.
To illustrate exactly how the law works on your vehicle, we are going to use an $80,000 vehicle. Likely, this ... Log in to view full article.