Your existing vehicles can still produce valuable vehicle deductions before year-end.
- Sell older business vehicles. You’ll capture deductible losses—especially for those vehicles with declining business use.
- Check vehicles purchased before 2018. If you traded cars under the old like-kind exchange rules, you may have unclaimed losses built up over multiple trades. Selling now could unlock a sizable deduction.
- Convert a personal vehicle to business use. OBBBA allows up to 100 percent bonus depreciation when you start using a personal vehicle for business. If you operate as a corporation, the company must reimburse you for the deduction before year-end.
Sterling Tax and Accounting is here to help your business with tax planning! Our comprehensive approach to tax planning helps reduce your overall tax liability and keep more money in your pocket. If all your accountant does is file your taxes, chances are they are making you pay more than your fair share of taxes.
Learn how to proactively save on taxes by scheduling a call with our tax planning specialists.
Our tax planning, accounting & business services help you stay on track. Sterling Tax & Accounting will work with you to optimize your business and minimize your taxes. We will work to provide you and your business with the tools and resources you need to build a solid tax and business foundation. We’re a trusted CPA Firm in Sarasota, Florida. We serve clients all over the US, and proactively work to minimize their taxes.
Welcome to the Sterling Standard of business! Want to learn more? Schedule a meeting with our tax planning team here: https://www.sterling.cpa/contact-us/