1 result for tag: Business Vehicle


2020 Last-Minute Vehicle Purchases to Save on Taxes

Here’s an easy question: Do you need more 2020 Tax Deductions? If yes, please read on. Next easy question: Do you need a replacement Business Vehicle? If yes, you can simultaneously solve or mitigate both the first challenge (needing more deductions) and the second challenge (needing a replacement vehicle), but you need to be using your vehicle and have it in service on or before December 31, 2020. To ensure compliance with the “Placed in Service” rule, drive the vehicle at least one business mile on or before December 31, 2020. In other words, you want to both own and drive the vehicle to ensure that it qualifies for the big tax ...