Work truck tax credit

[zearatul1171]

I keep being told about getting a tax credit for a business that purchases a truck. How much would be the credit and how exactly do I go around getting the credit? I am looking into a 2023 Rivian R1S that would also have an EV tax credit if you give a full breakdown of all the credits if I were to get this vehicle 

[Anonymous]

Hi,

Here is an article from TurboTax giving more information about the depreciation deductions for vehicles in 2023. Scroll down to the area that indicates: "luxury autos."

https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh 

Below is an IRS article showing what types of vehicles are eligible for EV credits:

https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after#:~:... 

This link shows which cars are eligible for the EV tax credits in 2023:

https://www.cnet.com/roadshow/news/the-ev-tax-credit-2023-does-your-car-qualifies-for-the-7500-tax-b... 

You will enter the vehicle in TurboTax in the self-employment income section, then there will be an area where you can answer questions related to the vehicles.

You can also add assets within the self-employment income section, for other assets that have bonus depreciation.

Call 1-800-446-8848 if you need further assistance with entering vehicle information and mileage.

Thank you,

John

CPA