Secret G-Wagon Business Hack 🤯💸
In addition to the Section 179 deduction, businesses may also be eligible for bonus depreciation on G-Wagons purchased and placed into service in 2023. Bonus depreciation allows businesses to deduct a percentage of the cost of certain qualified business assets in the year they are purchased. The percentage of the deduction is phased down over time, but it is currently 100% for assets placed into service in 2023.
To qualify for bonus depreciation, the vehicle must be:
- Purchased & placed into service during the tax year.
- Used for business more than 50% of the time.
- Not a passenger vehicle, which is defined as a vehicle with a seating capacity of less than six.
The G-Wagon meets all of these requirements, so it may be eligible for bonus depreciation. However, it is important to note that the deduction is subject to a number of other rules and limitations, and it is always best to consult with a tax advisor to determine if you are eligible.
Disclaimer: My content is for educational purposes only. It should NOT be taken as financial, legal, tax, investing or real estate advice.
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joshrinconn
joshrinconn