{"id":1548,"date":"2018-10-02T14:05:11","date_gmt":"2018-10-02T14:05:11","guid":{"rendered":"https:\/\/wcginc.com\/?p=1548"},"modified":"2026-01-26T16:37:16","modified_gmt":"2026-01-26T16:37:16","slug":"section-179-deduction-business-vehicle","status":"publish","type":"post","link":"https:\/\/wcginc.com\/blog\/section-179-deduction-business-vehicle\/","title":{"rendered":"Section 179 Deduction for Business Vehicle 2018"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-68b5b13c8b4e5\" class=\" wd-rs-68b5b13c8b4e5 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><\/p>\n<div class=\"overview\">\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><b>Section 179 makes buying business vehicles tax-friendly<\/b> with deductions for equipment and vehicles, including 100% Bonus Depreciation.<\/li>\n<li><b>Certain vehicles qualify for full Section 179 deduction<\/b>: cargo vans, shuttle vans (9+ passengers), heavy construction equipment, and tractor trailers.<\/li>\n<li><b>Passenger vehicles and smaller SUVs<\/b> have lower first-year deduction limits ($18,000) unless heavier than 6,000 pounds.<\/li>\n<li><b>Order of deductions<\/b>: Section 179 first, then Bonus Depreciation, then regular depreciation.<\/li>\n<li><b>Used vehicles can qualify<\/b> as long as they are new to the taxpayer and not from a related party.<\/li>\n<li><b>Business ownership vs personal ownership<\/b> depends on cost, mileage, and depreciation:\n<ul>\n<li>Expensive, low-mileage vehicles \u2192 business-owned.<\/li>\n<li>High-mileage, low-cost vehicles \u2192 personal-owned with mileage reimbursement.<\/li>\n<\/ul>\n<\/li>\n<li><b>Depreciation is a tax deferral<\/b>: selling a business vehicle later may trigger recapture taxes.<\/li>\n<li><b>Vehicle title and insurance<\/b>: IRS prefers business-titled vehicles, but insurance may charge more; creative titling may help.<\/li>\n<li><b>Leasing luxury business vehicles<\/b>: can be costly due to residual value, interest, and mileage limits; Section 179 and Bonus Depreciation often don\u2019t apply.<\/li>\n<\/ul>\n<\/div>\n<p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6733408a04c07\" class=\" wd-rs-6733408a04c07 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title img-right \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p><img decoding=\"async\" class=\"alignnone size-medium wp-image-23697\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/rave-300x183.jpg\" alt=\"\" width=\"300\" height=\"183\" srcset=\"https:\/\/wcginc.com\/wp-content\/uploads\/rave-300x183.jpg 300w, https:\/\/wcginc.com\/wp-content\/uploads\/rave.jpg 328w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>WCG (formerly Watson CPA Group) primarily focuses on small business owners and complex individual tax returns. Since we prepare hundreds of small business tax returns such as S Corps and Partnerships, we get the \u201cshould I buy a vehicle for my business?\u201d question often. In classic accountant fashion, the answer is \u201cPerhaps.\u201d The Section 179 deduction is excellent for business equipment, and now with the updated depreciation limits including 100% Bonus Depreciation, buying stuff for your business has never been more tax friendly.<\/p>\n<p>But we need to pump the brakes on some things, pun intended, before we get too revved up on buying a car for your business. We should probably red light the puns.<\/p>\n<p>First let\u2019s review the 2018 rules on Section 179 deductions for business equipment including business vehicles.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-673340b20adeb\" class=\" wd-rs-673340b20adeb wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Section_179_Tax_Deduction\"><\/span>Section 179 Tax Deduction<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Let\u2019s talk about the Hummer Loophole since that is where most taxpayer confusion comes from. Yes, at some point, long ago, in a galaxy far far away, businesses could buy heavy trucks and deduct them 100%. Was this a loophole of sorts?\u00a0<strong>Yes.<\/strong>\u00a0Does Congress and the IRS like loopholes?\u00a0<strong>Not really<\/strong>,\u00a0unless it benefits them. Did Congress and the Joint Committee on Taxation change the Hummer Loophole?\u00a0<strong>Yes<\/strong>.\u00a0What is the current state of affairs in 2018 after TCJA? Good question, read on (sneak peek, we are back to 100% for heavy trucks\u2026 Hummers for everyone Oprah!).<\/p>\n<p>Let\u2019s now talk about which business vehicles are eligible for 100% Section 179 deduction under the current 2018 tax laws after the Tax Cuts and Jobs Act of 2017. The following trucks and business vehicles qualify for 100% deduction in Year 1-<\/p>\n<ul>\n<li>Vehicles that can seat nine-plus passengers behind the driver\u2019s seat (i.e.: Hotel \/ Airport shuttle vans, etc.).<\/li>\n<li>Vehicles with: (1) a fully-enclosed driver\u2019s compartment \/ cargo area, (2) no seating at all behind the driver\u2019s seat, and (3) no body section protruding more than 30 inches ahead of the leading edge of the windshield. In other words, a classic cargo van.<\/li>\n<li>Heavy construction equipment will qualify for the Section 179 deduction, as will forklifts and similar.<\/li>\n<li>Typical \u201cover-the-road\u201d Tractor Trailers will qualify.<\/li>\n<\/ul>\n<p>This is straight from the\u00a0<a href=\"https:\/\/www.section179.org\/\" target=\"_blank\" rel=\"noopener\">Section179.org<\/a>\u00a0website who does a fantastic job of explaining this stuff. So what are the Section 179 deduction limits for passenger vehicles and heavy trucks that don\u2019t meet the list above? That is another really good question! The following is directly from the\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act\" target=\"_blank\" rel=\"noopener\">IRS website<\/a>\u00a0speaking in reference to the Tax Cuts and Jobs Act of 2017-<\/p>\n<p>The new law changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017. If the taxpayer doesn\u2019t claim bonus depreciation, the greatest allowable depreciation deduction is:<\/p>\n<ul>\n<li>$10,000 for the first year,<\/li>\n<li>$16,000 for the second year,<\/li>\n<li>$9,600 for the third year, and<\/li>\n<li>$5,760 for each later taxable year in the recovery period.<\/li>\n<\/ul>\n<p>If a taxpayer claims 100 percent bonus depreciation, the greatest allowable depreciation deduction is:<\/p>\n<ul>\n<li>$18,000 for the first year,<\/li>\n<li>$16,000 for the second year,<\/li>\n<li>$9,600 for the third year, and<\/li>\n<li>$5,760 for each later taxable year in the recovery period.<\/li>\n<\/ul>\n<p>The new law also removes computer or peripheral equipment from the definition of listed property. This change applies to property placed in service after Dec. 31, 2017.<\/p>\n<p>You say, \u201cso, my heavy SUV doesn\u2019t qualify for a 100% deprecation deduction under Section 179 because of the seating and configuration of the cargo hold, so now what?\u201d Another really good question!<\/p>\n<p>The order of depreciation is Section 179 Deduction, then Bonus Depreciation and then regular depreciation. This means you apply limits, subtract the allowance and then apply subsequent laws to the remaining amounts. A truck or SUV that weighs more than 6,000 pounds is not considered a luxury automobile and therefore is not limited by Section 280F in the same way.<\/p>\n<p>As such, the first year depreciation deduction for your heavy business vehicle would be-<\/p>\n<ul>\n<li>$25,000 under Section 179,\u00a0<strong>plus<\/strong><\/li>\n<li>100% Bonus Depreciation under\u00a0<a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/168\" target=\"_blank\" rel=\"noopener\">Section 168(k)<\/a><\/li>\n<\/ul>\n<p>So that $90,000 Ford F250 truck that comes in around 6,700 pounds would be fully deductible in Year 1. Wow! That is good news, right? Right! The Hummer Rule is back baby! Do I have to buy a new heavy truck to qualify for the bonus depreciation?\u00a0<strong>No.<\/strong>\u00a0The old rule was\u00a0<strong>Yes<\/strong>,\u00a0but the Tax Cuts and Jobs Act of 2017 changed that too. Here is the blurb from the IRS website-<\/p>\n<ul>\n<li>The taxpayer didn\u2019t use the property at any time before acquiring it (<strong>read<\/strong>,\u00a0new to you not \u201cbrand\u201d new or never been used,\u00a0<em>emphasis emphatically added<\/em>).<\/li>\n<li>The taxpayer didn\u2019t acquire the property from a related party.<\/li>\n<li>The taxpayer didn\u2019t acquire the property from a component member of a controlled group of corporations.<\/li>\n<li>The taxpayer\u2019s basis of the used property is not figured in whole or in part by reference to the adjusted basis of the property in the hands of the seller or transferor.<\/li>\n<li>The taxpayer\u2019s basis of the used property is not figured under the provision for deciding basis of property acquired from a decedent.<\/li>\n<\/ul>\n<p>So there you go. The problem still remains with luxury passenger vehicles weighing under 6,000. Those limits are $18,000 for the first year under\u00a0<a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/280F\" target=\"_blank\" rel=\"noopener\">Section 280F<\/a>\u00a0and there are problems in subsequent years that we don\u2019t want to bore you with, but if you want to read\u00a0<a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/rp-11-21.pdf\" target=\"_blank\" rel=\"noopener\">IRS Rev. Proc. 2011-21<\/a>\u00a0for nauseating examples, then go for it.<\/p>\n<p>The bottomline is this- to maximize your Section 179 deduction for the business vehicle purchase, buy a vehicle that weighs over 6,000 pounds. Or\u2026 instead of driving Miss Daisy, drive a sumo wrestler to push you over 6,000 pounds (kidding!).<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-673340c55faed\" class=\" wd-rs-673340c55faed wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Business_Owned_Vehicle\"><\/span>Business Owned Vehicle<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Now that we have the Section 179 deduction all ironed out, should you own in the business or own it personally and get a mileage reimbursement? Let\u2019s look at some examples-<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Example_1\"><\/span>Example 1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>You like big fancy cars that cost $80,000 and you only drive 5,000 miles for the business. Degradation of value is a way of life simply based on time so this vehicle will go down in value, and as such you might as well get a tax deduction for it. Ergo, have the business own it. In other words, if you have already budgeted for the degradation of vehicle value you might as well get a tax deduction for it, right?<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Example_2\"><\/span>Example 2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>You are frugal and therefore you like to buy used Subarus costing around $20,000\u2026 and, you drive the wheels off the thing because you are a real estate agent. Degradation in value is not as severe as example 1, so in this example the small business owner should own the vehicle personally and get a mileage reimbursement from the business.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Example_3\"><\/span>Example 3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>You like big heavy trucks that cost $80,000 and you drive 12,000 miles for the business. You would like to save some taxes this year as well (shocking). This is a great example of using Section 179 plus 100% Bonus Depreciation to deduct the full amount of the truck.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Example_4\"><\/span>Example 4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Same as example 3, but you expect your income to dramatically increase next year versus this year. In this case, have some patience and purchase the truck next year to match the excellent tax deduction against the higher income. We know, patience stinks. Our job is to build your wealth, and save taxes over your lifetime\u2026 not just today.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[vc_row_inner el_class=&#8221;commu-video-sec&#8221; woodmart_css_id=&#8221;671799823908b&#8221; responsive_spacing=&#8221;eyJwYXJhbV90eXBlIjoid29vZG1hcnRfcmVzcG9uc2l2ZV9zcGFjaW5nIiwic2VsZWN0b3JfaWQiOiI2NzE3OTk4MjM5MDhiIiwic2hvcnRjb2RlIjoidmNfcm93X2lubmVyIiwiZGF0YSI6eyJ0YWJsZXQiOnt9LCJtb2JpbGUiOnt9fX0=&#8221; mobile_bg_img_hidden=&#8221;no&#8221; tablet_bg_img_hidden=&#8221;no&#8221; woodmart_parallax=&#8221;0&#8243; woodmart_gradient_switch=&#8221;no&#8221; woodmart_box_shadow=&#8221;no&#8221; wd_z_index=&#8221;no&#8221; woodmart_disable_overflow=&#8221;0&#8243; row_reverse_mobile=&#8221;0&#8243; row_reverse_tablet=&#8221;0&#8243;][vc_column_inner][vc_video link=&#8221;https:\/\/www.youtube.com\/watch?v=eFMR0HLtK78&#8243; css=&#8221;.vc_custom_1731412258794{margin-bottom: 0px !important;}&#8221; woodmart_css_id=&#8221;673341205fed3&#8243; image_poster_switch=&#8221;no&#8221;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-67334125b04b9\" class=\" wd-rs-67334125b04b9 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h3 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Business_Automobile_Decision_Tree\"><\/span>Business Automobile Decision Tree<span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Should you buy an automobile in the business? Or own it personally? Who knows!? We can help you come to an informed decision about mileage reimbursements, depreciation, Section 179 and bonus depreciation.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][\/vc_row_inner]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-673340ce524c1\" class=\" wd-rs-673340ce524c1 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Example_5\"><\/span>Example 5<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>You buy a lightly used SUV that weighs over 6,000 pounds for $50,000 and you drive it 6,000 miles per year. Yuck. This is right in the middle of \u201cno man\u2019s land\u201d where the decision is not obvious. Yes, you can deduct the full amount of $50,000 since the Section 179 deduction is not based on a new vehicle, just new to you. Same with 100% Bonus Depreciation with the new tax law.<\/p>\n<p>But recall that depreciation is a tax deferral\u2026 if you sell your business vehicle for $40,000 a few years later, you will have depreciation recapture on the $40,000 taxed at ordinary income tax rates (with some limits). And\u2026\u00a0<a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/like-kind-exchanges-real-estate-tax-tips\" target=\"_blank\" rel=\"noopener\">Section 1031 Like-Kind Exchanges<\/a>\u00a0no longer apply to vehicles so you can\u2019t trade it in to kick this depreciation recapture can down the road.<\/p>\n<p>It might behoove you then to own this vehicle personally and get a mileage reimbursement from the business. Then again, if you have an unusually high income this year perhaps deducting it in full today makes sense. Again, \u201cno man\u2019s land\u201d since the decision now has a ton of variables and what-ifs.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Example_6\"><\/span>Example 6<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Same as example 5 but you keep the vehicle for 10 years and drive 15,000 miles. This changes the narrative. Since you will be owning it for so long with so many miles, the mileage reimbursement option is the way to go. In other words, own it personally and get reimbursed for the business miles you drive.<\/p>\n<p>Let\u2019s flip this around. Let\u2019s say you buy fancy vehicles and you recycle them every 2-3 years. Typically this should be owned by the business regardless of mileage since you are taking large degradations in value simply based on time with little consideration to miles. A $100,000 vehicle might be worth $70,000 after 2 years so use this depreciation in value as a tax benefit by owning it in the business.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ego\"><\/span>Ego<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>We leave all sorts of room for every business owner\u2019s ego\u2026 we probably have some of that too. What are we talking about? Well, we discussed the bookends of the automobile decision tree; high miles \/ cheap auto, own it personally. Low miles \/ spendy auto, own it in the business. But the squishy middle is tough\u2026 the mid miles \/ mid budget auto. When in doubt, we suggest playing to your ego and own the automobile within your business. Why? Because it is good cocktail party fodder. \u201cYeah\u2026 my Porsche 911 Turbo S softop is a business vehicle darlin\u2019. Wanna blow this joint?\u201d<\/p>\n<p>Here are some links to other information from our website about business vehicles-<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[vc_row_inner equal_height=&#8221;yes&#8221; el_class=&#8221;boxes&#8211;pack&#8221; woodmart_css_id=&#8221;672d69041513d&#8221; responsive_spacing=&#8221;eyJwYXJhbV90eXBlIjoid29vZG1hcnRfcmVzcG9uc2l2ZV9zcGFjaW5nIiwic2VsZWN0b3JfaWQiOiI2NzJkNjkwNDE1MTNkIiwic2hvcnRjb2RlIjoidmNfcm93X2lubmVyIiwiZGF0YSI6eyJ0YWJsZXQiOnt9LCJtb2JpbGUiOnt9fX0=&#8221; mobile_bg_img_hidden=&#8221;no&#8221; tablet_bg_img_hidden=&#8221;no&#8221; woodmart_parallax=&#8221;0&#8243; woodmart_gradient_switch=&#8221;no&#8221; woodmart_box_shadow=&#8221;no&#8221; wd_z_index=&#8221;no&#8221; woodmart_disable_overflow=&#8221;0&#8243; row_reverse_mobile=&#8221;0&#8243; row_reverse_tablet=&#8221;0&#8243;][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-689a26924a743\" class=\" wd-rs-689a26924a743 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none srvc-txt-block \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"622\" height=\"622\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/auto-purchase-questionnaire-2.jpg\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title wd-font-weight-600 box-title-style-default font-primary wd-fontsize-m\">Auto Purchase Questionnaire<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Check to hold automobile title as an individual or business based on our questionnaire.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"https:\/\/wcginc.jotform.com\/wcg\/auto_tree\" title=\"\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-689a269bf2b82\" class=\" wd-rs-689a269bf2b82 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none srvc-txt-block \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"622\" height=\"622\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/vehicle-decision-tree.png\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title wd-font-weight-600 box-title-style-default font-primary wd-fontsize-m\">Auto Decision Tree KB<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Check out vehicle purchase strategies and tax savings tailored for small business owners.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"\/kb\/automobile-decision-tree\/\" title=\"\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-689a26a2eafe0\" class=\" wd-rs-689a26a2eafe0 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none srvc-txt-block \">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"box-icon-wrapper  box-with-icon box-icon-simple\">\n\t\t\t\t\t\t\t<div class=\"info-box-icon\">\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"622\" height=\"622\" src=\"https:\/\/wcginc.com\/wp-content\/uploads\/Tax-Center-3.jpg\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h4 class=\"info-box-title title wd-font-weight-600 box-title-style-default font-primary wd-fontsize-m\">Tax Center<\/h4>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Access comprehensive tax services, including refunds, audits, and consultations, all in one place!<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"wd-info-box-link wd-fill\" aria-label=\"Infobox link\" href=\"\/tax-center\/\" title=\"\"><\/a>\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column_inner][\/vc_row_inner]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-673340d6e7770\" class=\" wd-rs-673340d6e7770 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Titling_and_Insurance\"><\/span>Titling and Insurance<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>The IRS wants the business vehicle to be titled in the business. Makes sense right? How can an asset be listed on the balance sheet if the entity doesn\u2019t have title to it, or at least the right to the title, and risk of loss. However, insurance companies will now want to charge an additional premium for a business vehicle. This is down right silly since the risk exposure does not change based on title alone\u2026 it is based on use.<\/p>\n<p>One gimmick that we have discovered at least with State Farm in Colorado is titling the business vehicle in both names such as \u201cWCG (formerly Watson CPA Group) and Jason Watson TIC\u201d with the TIC referring to tenants in common. We have titled it, in part, in the business name but our insurance company is providing full coverage as a personal insurance policy.\u00a0<strong>Caution-<\/strong>\u00a0This might not work for you, and you must review this with your insurance agent, your attorney and your priest. Hopefully they are all the same person\u2026 that\u2019d be nice. \u201cForgive me father for I have sinned. I bought a vehicle for my business.\u201d<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-673340ddbac8a\" class=\" wd-rs-673340ddbac8a wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Lease_or_Purchase\"><\/span>Lease or Purchase<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Leases are bad, especially on business vehicles over $80,000 for three really big reasons. First, the residual value offered on a 36 month lease will be about 60% or $48,000. This is essentially what the leasing company believes the vehicle will be worth after 3 years. Yuck #1.<\/p>\n<p>Second, they take the degradation in value ($80,000 minus $48,000) and apply a capitalization rate of 8% to 12%. This is essentially your interest rate. Yuck #2.<\/p>\n<p>Third, they put ridiculous mileage limitations such as 10,000 miles per year with heavy penalties for going over the limit. 10,000 miles is laughable for the most modern day business owners or families. Yuck #3.<\/p>\n<p>Sure, if you lease a more economical vehicle such as a Subaru Crosstrek for $30,000 then Yuck #1 goes away. But Yucks #2 and #3 remain. Also, vehicle leases are generally not capitalized leases (they do not have a bargain purchase option) and therefore they cannot take advantage of the Section 179 deduction or Bonus Depreciation. Contrast that with your leased copier with a $1 buy-out option\u2026 this is considered \u201cfinancing\u201d or a capitalized lease, and the asset can be listed on your balance sheet, depreciated, painted purple, etc.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6890e12983f29\" class=\" wd-rs-6890e12983f29 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Section_179_Deduction_Recap\"><\/span>Section 179 Deduction Recap<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Here is a recap-<\/p>\n<ul>\n<li>Cargo vans, tractor trailers, and other specialty trucks, no limit under Section 179<\/li>\n<li>Passenger luxury vehicles, $18,000 in Year 1<\/li>\n<li>Heavy vehicles over 6,000 pounds, $25,000 under Section 179 plus 100% Bonus Depreciation on the remaining amount (theoretically, no limit).<\/li>\n<\/ul>\n<p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-68b5b13423747\" class=\" wd-rs-68b5b13423747 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title faqs-wrap \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title box-title-style-default wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_vehicles_qualify_for_100_Section_179_deduction\"><\/span>Which vehicles qualify for 100% Section 179 deduction?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Cargo vans, 9+ passenger vans, heavy trucks over 6,000 lbs, tractor trailers, and certain construction equipment.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_I_deduct_used_vehicles\"><\/span>Can I deduct used vehicles?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Yes, if they are new to you and not acquired from a related party.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Section_179_limit_for_passenger_luxury_vehicles\"><\/span>What is the Section 179 limit for passenger luxury vehicles?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>$18,000 in the first year.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Does_owning_the_vehicle_in_the_business_always_make_sense\"><\/span>Does owning the vehicle in the business always make sense?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Not always; it depends on factors like cost, mileage, and expected depreciation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_I_combine_Section_179_with_Bonus_Depreciation\"><\/span>Can I combine Section 179 with Bonus Depreciation?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Yes, Section 179 is applied first, then Bonus Depreciation, followed by regular depreciation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_about_selling_the_vehicle_later\"><\/span>What about selling the vehicle later?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Depreciation recapture may apply and is taxed as ordinary income.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_the_vehicle_be_titled_in_the_business\"><\/span>Should the vehicle be titled in the business?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>IRS prefers it, but you should also consider insurance implications.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Are_leased_vehicles_eligible_for_Section_179\"><\/span>Are leased vehicles eligible for Section 179?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Generally no, especially for luxury vehicles without a bargain purchase option.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Whats_the_advantage_of_buying_heavy_vehicles_over_6000_lbs\"><\/span>What\u2019s the advantage of buying heavy vehicles over 6,000 lbs?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Higher Section 179 limits plus 100% Bonus Depreciation, allowing a full Year 1 deduction.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_do_I_decide_between_business_vs_personal_ownership\"><\/span>How do I decide between business vs personal ownership?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Evaluate factors like cost, miles driven, expected depreciation, and your overall tax strategy.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_row_inner el_class=&#8221;commu-video-sec&#8221; 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