The IRS announced the depreciation limits for vehicles purchased and placed in service in 2024. The maximum write-off for a vehicle not weighing more than 6,000 pounds is $20,400 ($12,400 if you opt out of bonus depreciation). For vehicles first leased in 2024, the inclusion amount, which reduces the rental expense deduction, begins for vehicles valued over $62,000. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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