Light and Heavy SUV's and Section 179

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):

• The maximum first-year depreciation write-off is $12,400, plus up to an additional $8,000 in bonus depreciation.
• For SUVs with loaded vehicle weights over 6,000 pounds, but no more than 14,000 pounds, 60% of the cost can be expensed using bonus depreciation in 2024.

Hope this helps!

Cindy