1.
Do you need a replacement business car, SUV, van, or pickup truck?
2.
Do you need more tax deductions this year?
If you answer yes to both questions, read this article and get ready to smile.
With 100 percent bonus depreciation now permanent, you can write off the full business cost of certain vehicles and likely large portions of others.
Get the Timing Right
Don’t procrastinate. If you want the vehicle deduction, you need to (1) own the vehicle, and (2) place it in business service on or before December 31, 2026.
To comply with the “placed in service” rule, drive the vehicle at least one business mile by December 31, 2026. In other words, you want to both own and drive the vehicle to ensure that it qualifies for the big deductions.
Now that you have the basics, let’s get to the tax benefits. ... Log in to view full article.
