Big tax savings for small businesses purchasing SUV's

How would you like to reduce your taxes and enjoy a new car? The IRS allows taxpayers who purchase certain types of vehicles that weigh over 6000 lbs to take accelerated depreciation amounts on these cars in the year of purchase. The amount of depreciation you take varies by the price of the car. For example, the purchase of a $40,000 eligible vehicle will give you a deduction of $31,600 in that year, which equates to a tax savings of $12,640 for a taxpayer in the 40% bracket for federal and state taxes. If you are interested in learning more on how to save taxes when purchasing an SUV or truck contact our office.

Please check out the following links to read about other information on this topic:

Tax Breaks for Self Employed Truck Owners
-ClarkHoward.com

SUV's, Truck Owners Get a Big Tax Break
-The Detroit News, December 18, 2002