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Business Tax Incentives. If I purchase a $60,000 truck for our sole proprietor business what will the tax write off equate to monetarily? Please advise.
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Depends on how big the truck is, but you can use the Section 179 Deduction.
To qualify for the deduction the vehicle needs to be used for business more than 50% of the time, and this needs to be at least this much for the first 5 full years of vehicle service.
For trucks that weigh between 6,000 - 14,000 lbs, the deduction limit is $25,000. You can only deduct up to your business profit. After the first year, then the truck will depreciate using the MACRS method.
Here are a couple of links that give good information.
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