Need A Car For Business?
Originally posted 11/20/08
If you are a business owner and are looking to add or upgrade a car to use for business driving, it might be best to buy one before year-end. There is a special bonus depreciation deduction available only for 2008 that will allow you to claim up to $10,960 in depreciation for a new car or $11,160 for a light truck or van that is placed in service in 2008.
While the tax savings shouldn’t be used as an excuse to buy a new business vehicle, if one is in your plans, it will probably be cheaper to buy it before the end of 2008.