Great observation that the first-year deduction may be higher for a vehicle purchase in 2024! Some of that depends on the cost of the vehicle. Even with the possibility of the higher deduction whether it's more beneficial to purchase a heavy SUV or truck also depends partly on your financial position. Higher deduction usually means higher cost. Cash flow can sometimes be a constraint to harvesting tax deductions. The other thing to consider is mileage. If your business is filing on a schedule C on your 1040 as a sole proprietor, you have an option to use mileage, but you can't take both mileage expense and actual expenses
For new and pre-owned vehicles put into use in 2024 (assuming the vehicle was used 100% for business...
Hope this helps!
Cindy
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