Investing in a brand-new vehicle is a significant financial commitment. You should anticipate that you will use your newer car for both personal and professional reasons, as this is the most likely scenario. The Internal Revenue Service took this into account when formulating the regulations that govern the deductions you may take for automobiles you buy specifically for your business.
Pay special attention to the following information if you are an independent consultant or the owner of a small business and are thinking about purchasing a new or used automobile to use for work. When you buy a new automobile, your tax payment can be reduced in a number of ways, some of which will be discussed in this article.