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Tax Write Offs for SUV Owners

According to Alan Breznick, writing in the magazine MyBusiness, SUV owners who use their vehicle for business can immediately deduct up to $25,000 of the vehicleís cost from their income taxes.

Turns out that when the tax code was being revised in the 1980ís, lawmakers sought to limit the amount a business could deduct for automobiles. But for some reason they wanted to allow deductions for business use of a pick up. Thinking that pick up trucks would be the only vehicles that would apply, congress wrote the tax code to allow exemptions for vehicles weighing more than 6,000 pounds when fully loaded.

What congress did not anticipate is that itís now quite possible to own an SUV that weighs 6,000 pounds or more fully loaded. If your SUV is used mainly for business and it weighs enough, it may qualify.

In other tax news, the mileage deduction for business use of a vehicle, currently 36.5 cents per mile, is being lowered for the 2003 tax year to 36 cents per mile. This lowers a deduction by $5 for every 1,000 business miles.
     
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