Are you considering purchasing an SUV crossover vehicle for your business? Did you know that you might be eligible for significant tax deductions?
At Palma Financial Services, we’re committed to helping clients save money on their taxes. That’s why we’re here to explain how crossover vehicles are classified for tax purposes and what you need to know to qualify for these deductions.
Here are some key points to keep in mind:
🚗 Crossover vehicles are built on a passenger-car platform and can be tax-deductible.
💰 Tax deductions on trucks can be higher than on cars.
🚚 Crossover vehicles must meet certain criteria to qualify as tax-law-defined trucks, and then they become an SUV for tax purposes.
💸 The tax write-off for an SUV crossover vehicle can be a big deduction with Section 179 expensing or 100% bonus depreciation.
🛑If the crossover SUV has a GVWR equal to or less than 6,000 pounds, it is subject to the same limits as a passenger car.
Examples of qualifying crossovers include:
🚗BMW X7 M50i
🚗Land Rover Range Rover Velar
🚗Tesla Model X
🤑 Now you know why millionaires and business owners ride in style! So if you want to make some serious bank 💸, you might want to consider rolling in one of these sweet rides.
Don’t miss the chance to learn more, and book your tax assessment with us today!