When it comes getting a tax deduction, all vehicles are not created equal.
In fact, there are huge differences in what you can deduct, depending on whether you buy a car, a pickup truck, or an SUV. And that’s just for starters. You see, the differences within each of these categories actually depend on the weight of the vehicle!
If you want to be a winner the next time you head over to the dealer’s lot, don’t miss my latest article titled Tax Tips: Maximum First-Year Tax Deduction on a Business Vehicle.
Three ways our fact-filled article can help you:
- You’ll learn powerful depreciation and Section 179 expensing strategies. The sad fact is, lawmakers have created a complex set of rules that can be very confusing. But have no fear. We make them easy to understand as you’ll discover when you read the full article.
- We’ll explain the implications of “luxury limits.” Vehicles that have an unloaded gross weight of 6,000 pounds or less are considered “luxury autos.” Which means they’re subject to depreciation limits under Section 280F. We’ll explain what this means to you in dollars-and-cents terms when you read the full article.
- We’ll tell you how to handle a gain or loss. Regardless of what you paid for your vehicle, and regardless of whether you used IRS mileage rates or actual expenses, you’re going to have a gain or loss when you sell or trade in your vehicle. How should you treat that gain or loss? You’ll find out when you read the full article.