Article Date:
November 2022

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2022 Last-Minute Vehicle Purchases to Save on Taxes



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


Do you need tax deductions this year?


Do you need a tax credit to offset what you owe to the IRS?


If you answered yes to any of these questions, you need to examine this article and get ready to smile.


Thanks to the Tax Cuts and Jobs Act (TCJA), you can write off the cost of a vehicle purchase in 2022—including, in many cases, up to 100 percent of the cost—faster than ever before.


And if you plan on purchasing an electric car or a plug-in hybrid electric vehicle, you may qualify for a tax credit of up to $7,500.


Get the Timing Right


Don’t procrastinate. If you want the vehicle deduction and/or the tax credit, you need to



own the vehicle, and


place it in business service


on or before December 31, 2022.


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