2020 Last-Minute Year-End Tax Deductions for Existing Vehicles

It's the last week in November 2020 and it’s time to examine your existing Business and Personal (yes, Personal) Cars, SUVs, Trucks, and Vans for some profitable Year-End Business Tax Deductions. In this article, let’s first look at your prior and existing business vehicles that you or your pass-through business owns. Then, we will take a look at your personal vehicles as a possible source for a last-minute tax-saving deduction. Let's start with prior and existing business vehicles. Your first step is to identify your gain or loss on a sale. Once you have or know what the gain or loss is, know these basic rules: Gains attributable ...