Business vehicle

Time for a new vehicle? Tax savings to consider

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Do you drive a heavy vehicle for work? It could lighten your tax load. If you’re a business owner, your SUV, pickup truck or van may be eligible for 100% first-year bonus depreciation. But it must:

  • Be placed in service between September 8, 2017 and December 31, 2022
  • Be new to you and your business – although pre-owned vehicles are eligible
  • Be used over 50% for business purposes
  • Have a manufacturer’s gross vehicle weight rating higher than 6,000 pounds

What does 6,000 pounds look like?

See below for some business vehicles that can do the heavy lifting.

  • Chevy Tahoe
  • Cadillac Escalade
  • Chevy Suburban
  • Ford Expedition
  • GMC Yukon
  • Toyota Land Cruiser
  • Chevy Silverado
  • Mercedes-Benz GL-Class SUV
  • Ford F-series Super Duty
  • Hummer H2

Other rules apply. Contact your trusted advisor for details.

SKR+CO Expert
Judy Kaltenbacher, CPA, Tax Partner
Judy has been in public accounting since 1985, with significant experience serving medical practices, real estate partnerships, S-Corporations, financial institutions, nonprofit organizations and small business clients.