If you are looking for some last-minute tips on what you can do with your vehicles to cut your 2010 taxes, you are looking in the right place.
If you are looking for tips not related to vehicles, see the article titled “12 Last-Minute Tax Tips Not Related to Vehicles for 2010.”
Here is a meat-and-potatoes list of nine last-minute vehicle opportunities you can use to cut your 2010 taxes.
1. Buy That New Car
You or your corporation can claim up to $8,000 in bonus depreciation on a new (not used) car purchased and placed in service before midnight on December 31, 2010.
You add the $8,000 to the $3,060 luxury limit for a 2010 limit of $11,060. To get to this limit, you can use a combination of Section 179 expensing and depreciation. You reduce the $11,060 limit by personal use.
Example. If business use is 80 percent, then ... Log in to view full article.