Business Vehicle Deduction for 2019

1. Do you need additional tax deduction this year?
2. Do you need to buy a car for your business use (more than 50% use)?

If so, this is the article for you!

The good news from the tax reform, Tax Cuts and Jobs Act (TCJA), the cost of the business use vehicle can be written off as much as 100% of the cost. That means if the vehicle is $100,000, you can deduct the WHOLE cost in 2019 when you meet ALL of the following:

1. You purchase it by 12/31/2019. You don’t have to pay in full, finance option is fine to take the full bonus depreciation.
2. You use it by 12/31/2019, which means you at least drive 1 mile for your business! Also, if you want to deduct the whole cost, you will need to use it for 100%.
3. The business vehicle, either used or brand new, is a qualified SUV, van which is greater than 6,000 pounds.

I hope this 2019 last-minute saving tips can help you!