Year-End Business Tax Tip: Business Auto Depreciation

If you plan to purchase a business vehicle in 2016 before year end to use for business travel, you’ll be able to deduct the depreciation on the vehicle as a business expense.

For 2016, a new passenger vehicle placed into service for business can be depreciated at $3,160, or $11,160 if bonus depreciation is taken. For trucks and vans used for business, the depreciation amount is $3,560, or $11,560 if bonus depreciation is taken.

For more information, please call our office today.

If you have questions about starting, growing, protecting, reducing business taxes, or selling your small business, please contact us. As a CPA, Certified Business Advisor, Small Business Consultant, and Advanced Certified QuickBooks ProAdvisor, we specialize in working with small business owners just like you and provide tax, accounting, financial analysis, management, business planning, and small business advisory services. We can advise you on how to start, manage, grow, and terminate a small business. For more information, call (727) 391-7373 or else visit us on the web at http://www.LindaStortzCPA.com.

Advertisements