New & Existing Vehicle Tax Strategies

Last-Minute Vehicle Purchases to Save on Taxes

Here’s an easy question: Do you need more 2023 tax deductions? If the answer is yes, continue reading. Next easy question: do you need a replacement business vehicle? If so, you can simultaneously solve or mitigate the first problem (needing more deductions) and the second problem (needing a replacement vehicle) if you can get your replacement vehicle in service on or before December 31, 2023. Don’t procrastinate. To ensure compliance with the “placed in service” rule, drive the vehicle at least one business mile on or before December 31, 2023. In other words, you want to both own and drive the vehicle to ensure that it qualifies for the big deductions. Now that you have the basics, let’s get to the tax deductions.

1. Buy a New or Used SUV, Crossover Vehicle, or Van

2. Buy a New or Used Pickup

3. Buy an Electric Vehicle

Last-Minute Year-End Tax Deductions for Existing Vehicles

December 31 is just around the corner. That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2023 taxes. But don’t wait. Get on this now!

1. Take Back Your Child’s or Spouse’s Car and Sell It

2. Cash In on Past Vehicle Trade-Ins

3. Put Your Personal Vehicle in Business Service

4. Check Your Current Vehicle for a Big Deduction

Please reach out to Greg or Pat if you have any questions.