Is vehicles over 6000 pounds a valid tax write-off?
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The IRS allows businesses to deduct the cost of vehicles over 6,000 pounds through Section 179 and bonus depreciation. To qualify, the vehicle must be used more than 50% for business purposes. The deduction is limited to $28,900 for SUVs in 2023, but larger vehicles like trucks and vans may qualify for full expensing. The deduction cannot exceed the taxable income of the business, and any excess can be carried forward. Personal use of the vehicle must be excluded from the deduction, and accurate records of business use are essential.