Tag: business vehicle

OBBBA vehicle deduction

OBBBA Vehicle Deduction: Convert a Personal Vehicle to Business Use and Deduct Up to 100%

Tax Strategies

Looking for a big deduction without a new cash outlay? This strategy turns a prior-year sunk cost—your existing personal vehicle—into a current-year business deduction. Thanks to the OBBBA vehicle deduction, 100% bonus depreciation is back and, if your vehicle and records qualify, the write-off can be substantial. How the OBBBA Vehicle Deduction Works When you...Continue reading

business vehicle tax deduction

Turn Your Business Vehicle Into a Tax-Smart Asset

Lower Taxes, Small Business Tax Consultant, Small Business Tax Tips, Tax Deductions, Tax Strategies

Turn Your Business Vehicle Into a Tax-Smart Asset If you’re self-employed or run your business through an S Corp or C Corp, and your business owns your vehicle, listen up—this strategy could save you money and keep the IRS happy. Business vs. Personal Use Matters Let’s say you drive your business-owned vehicle 80% for work...Continue reading

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