Did you know that you could buy a new truck
for your business and write it off as a tax deduction? There's plenty of
amazing tax benefits involving vehicles that hard-working business owners such
as yourself are free to take advantage of. To learn about saving money for your
business through tax deductions, check out our blog post below.
Tax
Write-Offs for Your Work Truck
Now that it's the beginning of a new
work-year, it's time to start thinking of deductions for your business. How do
deductions work? Tax deductions work by lowering the amount of your taxable
income and in turn, the amount you pay in taxes. Taking advantage of these
deductions can save your business a lot of money come tax time and help you
build and improve your business in a cost-effective way. For starters, most of
the expenses involving your work vehicles are tax-deductible. This includes
things like routine maintenance and repairs. While these write-offs may not
come as a surprise to many business owners, maybe this next one will. If you go
about the process the right way, your business can purchase a new truck and
take a 100% tax deduction of the purchase price. The IRS's tax code allows for
businesses to deduct the cost of all new business equipment, and new trucks
fall into this category. Depending on your business' situation, you may be able
to purchase more than one new vehicle for your business and write off both as
deductions. If you'd like to learn more about automotive deductions, get in
contact with one of our dealership experts.
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