The new tax law has a lot to say about deducting the cost or vehicles.
In some cases, you can deduct the full cost in the year you place the vehicle in service! In other cases, the luxury auto limits might stretch your depreciation deductions over 30 or more years!
The bottom line? You really need to check out our brand new article titled Tax Tip: With the New Tax Law, What’s Best—IRS Mileage Rates or Actual Expenses?
Three ways our fact-filled article can help you:
- We’ll give you the inside story on mileage rates. Whether you operate your business as a corporation or as a proprietorship, the question of which is the best reporting method — mileage rates or actual expenses, is an important one. We’ll have the whole story for you when you read the full article.
- We’ll provide you with a quick overview of the new law. For example, we’ll explain how the new law increases the existing 50% bonus depreciation to a full 100% for vehicles and other assets placed in service after September 8, 2010, and before January 1, 2012. And that’s just for starters . LOTS of valuable information waiting for you when you read the full article.
- We’ll tell you the two BIG winners under the new law. Don’t miss this. It could save you a lot of money. Now’s the time to read the full article.