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2016 Last Minute Vehicle Purchases to Save on Taxes

12/1/2016

 
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As the end of the year approaches, it’s a good time to think of planning moves that will help lower your tax bill for this year. One strategy that will provide big tax deductions is purchasing a vehicle.
 
If you’re looking for a replacement business car, SUV, van, or pickup truck, then now is the time to act. If you want the deductions, you need to
 
  • own the vehicle, and
  • place it in business service before midnight on December 31.
 
The “placed in service” requirement means that you must drive the vehicle at least one business mile before midnight on December 31. In other words, you want to both own and drive the vehicle to ensure that it qualifies for the big deductions.
 
I would like to review five categories of vehicles and what you gain with the purchase of each type. I urge you to contact me if you have any questions about the tax-saving benefits associated with each of these vehicles.
 
  1.  Used SUV, Crossover Vehicle, or Van
  2.  New SUV, Crossover Vehicle, or Van
  3. New or Used Pickup
  4. New or Used Qualifying Cargo or Passenger Van
  5. New Passenger Vehicle​

 
If you’re already in the market for a replacement business car, SUV, van, or pickup truck, then this is a terrific strategy to lower your 2016 taxes. Please feel free to contact me in order to calculate exactly how much you will save with the purchase of your vehicle.
 

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    Important Disclosures


    Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

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    To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
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    These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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    Author

    Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion.  Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

    Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

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