/Tag: company car taxes

Employer provided vehicles – 2019 IRS updates

By |2020-04-06T22:40:45+00:00May 22nd, 2019|Categories: Articles, Blog|Tags: , , , , , , |

The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes. The new values reflect vehicle-related amendments in the Tax Cuts and [...]

Tax Reform News: Expanded Tax Breaks for Business Vehicles

By |2018-05-22T16:57:09+00:00June 7th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , , |

Great news for small business owners with business vehicles: the Tax Cuts and Jobs Act (TCJA) expands the first-year depreciation deductions for business vehicles used more than 50% for business purposes. Here's what you need to know to take advantage of these deductions: Depreciation Allowances for Passenger Vehicles For new and used passenger vehicles (including trucks, [...]

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