In the market for a new car?
If you’re self employed or run a business and you’re buying a car for business use, consider buying a car that weighs over 6,000 pounds. If you do this, you may qualify to write off the entire purchase price of the car on your tax return!
To give you an example…Say you make $200,000, you might owe about $60,000 in taxes. Let’s say you find a used car that weighs over 6,000 pounds and costs $30,000. On your annual tax return, you can write off the $30,000 and save yourself $15,000 in taxes. So it’s a great deal, go buy yourself a luxury SUV and save some tax dollars.
The car does need to be for business use in order to qualify for the deduction so make sure that you talk with your accountant before buying a new car to make sure you qualify.
Pretty sweet deal though! Feel free to reach out to our team with any questions.