Now is the time to convert!
Not your religion. Your vehicle.
You see, thanks to the Tax Cuts and Jobs Act, when you convert your personal vehicle to a business vehicle, you could save a lot of money.
In fact, upon conversion, you can instantly qualify for a 100-percent deduction on the fair market value of your personal vehicle.
Want to find out more about how to use the law to save a ton of money?
It would be a sin if you didn’t read my new article titled Tax Tips: TCJA: Convert Personal Vehicle to Business and Deduct up to 100%!
Three ways our fact-filled article can help you:
- We’ll explain the right way to depreciate your personal vehicle. When you turn your personal vehicle into a business vehicle, you can start depreciating the asset and claiming your deduction immediately. How do you go about determining the tax basis to use for depreciation? We’ll give you all the details when you read the full after-tax-reform article.
- You’ll learn how to handle the unusual “bonus depreciation” rules. Uncle Sam says you have to use the bonus depreciation method unless you elect out of it on your tax return. In other words, by doing nothing, you’ll automatically qualify for the additional tax break. (Don’t just do something. Sit there!) You’ll get the whole story when you read the full after-tax-reform article.
- We’ll tell you why the date of your vehicle purchase is so important. If you bought your vehicle after September 27, 2017, one set of rules applies. If you bought it before that date, other rules apply. And there are “luxury limits” on bonus depreciation for passenger autos built before September 28, 2017. All will be made crystal clear when you read the full article.