Waukesha Tax Preparation | Vehicle Deductions

The IRS has published depreciation limits for business vehicles first placed in service this year.

 

50% bonus depreciation is no longer allowed for business equipment purchases, including vehicles. Here’s a quick review of the adjustments for 2014.

 

For business cars first placed in service this year, the first-year depreciation limit is $3,160. After year one, the limits are $5,100 in year two, $3,050 in year three, and $1,875 in all following years.

 

The 2014 first-year depreciation limit for light trucks and vans is $3,460. Limits for year two are $5,500, in year three $3,350, and in each succeeding year $1,975.

 

For details relating to your 2014 business vehicle purchases, contact our office.

Don’t squander away your precious time by struggling with complicated IRS forms and complex bookkeeping chores. You can get fast and effective solutions to all of your tax and accounting affairs when you employ Edith I Christian, CPA. We know how stressful your life can be. But when you call on us, you can relax a little bit.  Call today.

Edith Christian CPA
N9 W29360 Thames Road
Waukesha, WI 53188