Running a business comes down to your bottom line and now you can make yours even stronger. Under current tax depreciation laws, your business may be eligible to immediately deduct up to 100% of the purchase price of qualifying vehicles purchased in 2023 for business use.1
You may deduct up to 100% of the purchase price of a qualifying vehicle purchased in 2023 and used in a trade or business. You may also qualify for a deduction up to $18,000 for non-qualifying vehicles purchased in 2023 and used in a trade or business.
In addition, the purchase of a qualifying pre-owned vehicle may also qualify under these rules. Please consult your tax advisor for tax implications and savings opportunities.
With these tax depreciation laws, you can save this tax season on the vehicles your business purchases today. There’s never been a better time to add the quality and dependability of vehicles to your fleet.
1Federal tax benefits are available for vehicles acquired for use in the active conduct of trade or business and may change or be eliminated at any time without notice and each taxpayer’s tax situation is unique; therefore, please consult your tax professional to confirm available vehicle depreciation deductions and tax benefits. For more information, visit www.irs.gov. This advertisement is for informational purposes only, and should not be construed as tax advice, or as a promise of availability or amount of any potential tax benefit or reduced tax liability. Passenger automobiles, as defined in the Internal Revenue Code (including passenger cars, SUVs, trucks and crossovers with a GVWR up to 6,000 lbs.), and placed in service during 2023 qualify for immediate depreciation deductions of up to $18,000 per vehicle. Trucks, vans and sport utility vehicles as defined in the Internal Revenue Code with a GVWR over 6,000 lbs. and placed in service during 2023 qualify for immediate depreciation deductions of up to 100% of the purchase price.
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