Save on taxes: Bonus depreciation for business vehicle purchase
WEX Inc.
JUNE 20, 2024
The second option of bonus depreciation (2017 Tax Cuts and Jobs Act) allows businesses to deduct a percentage of certain assets or vehicles they purchased during the year. For assets purchased after September 27, 2017, including used vehicles, the deduction percentage rises to 100% and will be phased down beginning in 2023.
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