1 result for tag: MACRS Depreciation


2021 Last-Minute Vehicle Purchases to Save on Taxes

Do you need a replacement business car, SUV, van, or pickup truck? Do you need tax deductions this year? If you answered yes to both questions, you need to examine this article and get ready to smile. Thanks to the Tax Cuts and Jobs Act (TCJA) tax reform, you can write off the cost of a vehicle purchase faster than ever before—including, in many cases, up to 100 percent of the cost in 2021. Get the Timing Right Don’t procrastinate. If you want the vehicle deduction, you need to: Own the vehicle, and Place it in business service on or before December 31, 2021. To ensure compliance with the “placed in service” rule, ...