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2023 Last-Minute Vehicle Purchases to Save on Taxes

Questions: 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? If you answered yes to any of these questions, you need to examine this article and get ready to smile. Thanks to the Tax Cuts and Jobs Act (TCJA), you can write off the full business cost of certain vehicles, 89 percent of other vehicles, and up $20,200 for other vehicles. If you plan on purchasing an electric vehicle or a plug-in hybrid electric vehicle, you may qualify for a tax credit of up to $7,500. Get the Timing Right Don’t procrastinate. If you ...