Can you write off cars over 6000 pounds?
Vehicles over 6,000 pounds can be eligible for a Section 179 deduction, which allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. Additionally, bonus depreciation may apply, allowing further deductions. However, the vehicle must be used more than 50% for business purposes, and the deduction is limited to a certain amount, which can vary annually. For example, in 2023, the maximum deduction under Section 179 for SUVs is capped at $28,900. It's important to note that these deductions are not applicable for personal use vehicles.