Can you write off vehicles over 6000 lbs?
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Vehicles over 6,000 lbs may qualify for a Section 179 deduction, which allows business owners to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. However, the vehicle must be used more than 50% for business purposes. The maximum deduction for SUVs is limited to $28,900 for 2023, while other vehicles may qualify for a higher deduction. Additionally, bonus depreciation can be applied to further increase the deduction. It's important to note that only the business-use portion of the vehicle is deductible, and personal use must be excluded. For example, if a vehicle is used 70% for business, only 70% of the eligible deduction can be claimed.