Whether you’re brand new to accounting, tax, & payroll or you’ve done it your whole life, the recent law changes in the last few years have dramatically changed the landscape for both individuals and businesses. Asking questions, both to confirm old rules no longer exist and to understand the new ones, puts everyone on the same page.
It depends. The IRS has many rules related to Section 179 and Bonus Depreciation that considers the vehicle’s condition, usage, weight and more. Even if you can, it may not be in your best interest to do so. If financed, you won’t have depreciation in future years to offset the debt payments, creating a potential cash flow issue we should discuss.
– Gary Haworth