1.
Do you need a replacement business car, SUV, van, or pickup truck?
2.
Do you need tax deductions this year?
3.
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.
To ensure compliance with the “placed in service” rule, ... Log in to view full article.
