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How Much Can Businesses Deduct for Vehicles Placed in Service in 2019?
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How Much Can Businesses Deduct for Vehicles Placed in Service in 2019?

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How Much Can Businesses Deduct for Vehicles Placed in Service in 2019?

By Jill Massey|2020-03-04T21:12:46+00:00October 29th, 2019|Categories: Blog|Tags: bonus depreciation, business vehicle taxes, business vehicles, company car, depreciation deductions business vehicles, tax breaks for company cars|

Does your business need to add one or more vehicles? If so, the purchases may qualify for tax breaks under current tax law. Here are the details. First-Year Depreciation Breaks The Tax Cuts and Jobs Act (TCJA) allows unlimited 100% first-year bonus depreciation for qualifying new and used assets (including eligible vehicles) that are [...]

Employer provided vehicles – 2019 IRS updates
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Employer provided vehicles – 2019 IRS updates

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Employer provided vehicles – 2019 IRS updates

By Gumbiner Savett Editor|2020-04-06T22:40:45+00:00May 22nd, 2019|Categories: Articles, Blog|Tags: company car, company car taxes, employer provided vehicle, IRS rules, IRS updates, Notice 2019-34, TCJA|

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 [...]