SUV Tax Deduction – Tax Planning Strategies 2002Posted on Thursday, November 14th, 2002 by Andy Jones
SUV Tax Deduction – SUV Tax Break – Tax Planning Strategies. Deduct the purchase price of a new SUV.
As 2002 is winding down, everyone needs to be thinking about maximizing their tax deductions. This month’s letter details some tax tips you may not know about. I hope everyone finds it helpful and informative. You may or may be able to use this tax advice. I urge you to consult a tax expert before you implement a tax strategy based on this information.
Thinking about a new business vehicle ? How about an SUV or a PICK-UP?
The IRS normally limits the depreciation that can be deducted on the purchase price of a business vehicle . And, that limit is pretty small – only $3,060 for the first year for a 100% business use vehicle. However, for some business “trucks” the first year depreciation can be as high as $24,000. A “truck” is defined by IRS as a vehicle with over 6,000 lbs. of gross weight. This gross weight of the vehicle is displayed on the inside of the driver’s door.
Please contact your CPA regarding details on this deduction!