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Last Minute Tax Planning: Vehicle Purchases

11/22/2021

3 Comments

 
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On or before December 31, 2021, buy and place in service a new or used SUV or crossover vehicle.

​The Tax Cuts and Jobs Act gives you bonus depreciation of 100 percent. If you buy and place in service a qualifying used $50,000 SUV, you can claim 90 percent business use. A pickup truck must have a gross vehicle weight (GVWR) of more than 6,000 pounds to qualify for full Section 179 expensing. If the bed-length test isn't met, the truck is still eligible for bonus depreciation.

Please contact me if you'd want to talk about vehicle strategies.

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    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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