/Tag: depreciation deductions business vehicles

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

By |2020-03-04T21:12:46+00:00October 29th, 2019|Categories: Blog|Tags: , , , , , |

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 [...]

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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