Business Deductions
- Amortization
- Business Losses and Net Operating Losses
- Car and Truck Expenses
- Day-Care Services
- Depreciating Business Property
- Depreciating Your Car
- Domestic Production Activities Deduction
- Health Insurance Deduction
- Home Office Deduction
- Meal and Entertainment Expenses
- Organizational Costs and Start-up Costs
- Qualified Plan Awards
- Schedule C Expenses
- Section 197 Intangibles
- Should You Sell or Trade in Your Car?
- Start-up Costs
- Travel Expenses
More Tax Topics
- Business Structures
- Hiring Workers
- Retirement
- Top Tax Myths
- Per Diem Rates - IRS Publication 1542 Oct 2011 for Travel Within the Continental U.S (for employers who pay a per diem allowance to employees)
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Need Some Deductions for 2011?
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Updated for 2011
Small Business Deductions: Car and Truck Expenses
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Electric Cars
Electric cars are propelled by electricity and built by an original equipment manufacturer.
They have higher depreciation limits than gas-propelled passenger cars. Although a hybrid car may be partially powered by electricity, it is not treated as an electric vehicle.
Annual Depreciation Limits for Electric Cars
- Tax year 2006: $8,960
- Tax year 2007: $14,400
- Tax year 2008 $8,650
- Tax years after 2008: $5,225
Annual limits must be reduced for personal use.
Next:
Car Expenses: Audit Proofing Your Car Deduction; Tracking Business Miles; Estimates of Car and Truck Expenses; Mileage Sampling
Related Links
- Turning Commuting Mileage into Deductible Business Expense
- The Mileage Allowance Method
- The Actual Expense Method
- Depreciation Conventions
- Type of Vehicle Being Depreciated
- Heavy Trucks, Vans, and SUVs (weight-rated over 6,000 pounds)
- Passenger Cars (weight-rated at 6,000 pounds or less unloaded)
- Light Trucks, Vans, and SUVs (weight-rated 6,000 pounds or less fully loaded)
- Electric Cars-Depreciation Limits
- Improvements Made to Vehicle
- Depreciation Recapture Rule
- Points to Keep in Mind Before Choosing a Depreciation Method
Copyright © 2008-2012 Larry Villano. All rights reserved.