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
Looking to maximize your vehicle tax deductions for 2023 and wondering if there's still time? - Do you need a replacement business car, SUV, van, or pickup truck? - Do you need tax deductions this year? - Do you need a tax credit to offset what you owe to the IRS? 2023 Tax Credits /...
Are you hoping to write off more than one vehicle and have been told you can't? Contrary to popular belief, the IRS does not limit business owners to claiming deductions on only one business vehicle. When Should You Write Off More Than One Vehicle? You might maximize tax benefits by using multiple vehicles for business...Continue reading