Thinking of buying a heavy vehicle like a truck or SUV for your business? Dr. Friday explains how Section 179 can work in your favor, allowing you to deduct the full cost of eligible vehicles weighing between 6,000 and 14,000 pounds—if used exclusively for business. However, watch out for common pitfalls, like mixing business with personal use, which can disqualify your deduction. Tune in to learn how to stay compliant and take advantage of this substantial tax benefit.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Imagine you’re a business owner looking for a new vehicle for your company. You want something sturdy, reliable, something big like a truck or an SUV, and you need it to help you do your job. Now imagine you also have to pay tax on that money your business is making, but you have some good news here, really good news. You may be able to do what’s called a Section 179, which means all you have to do is have a big vehicle, 6,000 pounds up to 14,000 pounds, and it has to be used 100% for business. This is where it gets great because I have people that tell me they’re using it for business, but guess what? They’re using it for personal use too.
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