37 \\ Section 179 and Business Vehicles: Tax Strategies You Need to Know
- Author
- Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
- Published
- Thu 20 Jul 2023
- Episode Link
- https://smallbusinessfinance.podbean.com/e/37-section-179-depreciation-traps-to-avoid/
Thinking of buying a business vehicle? This episode breaks down Section 179, bonus depreciation, and IRS rules for vehicles over 6,000 lbs—and how to use these deductions to reduce your taxable income. Learn the difference between vehicles under 6,000 lbs, 6,000–14,000 lbs, and heavy equipment over 14,000 lbs, what qualifies as business use, and how bonus depreciation has changed in 2023. We cover accountable plans, mileage logs, luxury car limits, and whether you can deduct a personally purchased vehicle. Before you buy that SUV, truck, or heavy vehicle, listen to this to make sure you structure it correctly and maximize your tax savings.
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