How to Deduct Your Car Purchase in 2014

Buy an SUV for your business for the biggest vehicle tax deduction

recite-purchase SUV auto

Section 179 deductions are the tax magic that let you fully deduct capital assets in the year your purchase them. By combining Section 179 and the depreciation rules regarding purchasing automobiles for business, you can save a good amount of money.

Vehicles have special depreciation limits based on their size. Passenger cars have a total depreciation limit of $3,160, while trucks and vans have a limit of $3,460. Sport utility vehicles (SUVs) and trucks over 6,000 pounds, however, don’t have this depreciation limit- and the full $25,000 Section 179 deduction can be used for these vehicles. This gives you the biggest tax deduction when you buy a vehicle.

This website has a great list of vehicles that qualify for Section 179, including the Cadillac Escalade and the Mercedes-Benz GL-Class SUV: Awesome Vehicles that Qualify as a Write Off

Tweet it! Buy an SUV for your business for the biggest vehicle tax deduction. http://bit.ly/1l5qSKw @BetteHochberger