Dr. Friday discusses annual vehicle depreciation limit adjustments and why business-use percentage matters. She reminds owners that personal-use vehicles generally cannot be fully depreciated.
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.
Vehicle depreciation limits continue to adjust annually for inflation, impacting deductions for business owners’ cars, SUVs, and trucks.
Luxury auto vehicle depreciation treatment is an important thing to understand.
If your vehicle is not used 100% for business, and if you only have one vehicle that would be impossible, you do not qualify for full depreciation.
You need help with your car, taxes, anything, just check us out on the web at drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.