Last Minute Tax Planning: Vehicle Purchases

11/22/2021

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.

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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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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