Need advice on Tax deduction for new vehicle Purchase Hello! I am hoping to get some advice related to purchase of a vehicle in NJ.
I'm a business owner considering the purchase of a new vehicle with GVWR > 6000 lbs before Dec 31st 2013.
The price of this vehicle is ~64K. Can you let me know if my first year deduction calculation for 2013 is correct?
Deduction amount = 25,000 [for section 179] + (64,000-25,000) x 50% [for first year bonus depreciation
= 44,500.
Am I missing something here? Thanks in advance for your help!
Thanks! |