more-arw search

Q&A Forum

Vehicle Truck/SUV deduction question

Hello,
I am an artist and own a small business where I am the only employee. I'm looking to purchase a truck or SUV to be used 100% for business. I will use it to deliver paintings, transport my booth and art to the art fairs and take it into the woods to get to areas i will be painting. I've read multiple websites that have tried to explain how much I will be able to deduct. The vehicle will cost approximately $35K and I will put about 5K miles on it annually, I'm hoping to get 20 miles per gallon if that helps. It will have my logo on the side if that matters. As for depreciation my guess is it will have a worth of $10k in 5 years.
Can someone help me figure out how this works and if its worth it to purchase a vehicle?
Thank you

Answers

Joe Miles
Title: Lead strategist
Company: Diving Starlings
(Lead strategist, Diving Starlings) |

I am here to learn as well, but I believe if you purchase a vehicle over 6500 GWT with your business you can write off up to $50,000. You can do this every two years I believe. Please someone correct me if I am mistaken.

2060 views
Topics

Get Free Membership

By signing up, you will receive emails from Proformative regarding Proformative programs, events, community news and activity. You can withdraw your consent at any time. Contact Us.

Business Exchange

Browse the Business Exchange to find information, resources and peer reviews to help you select the right solution for your business.

Learn more

Contribute to Community

If you’re interested in learning more about contributing to your Proformative community, we have many ways for you to get involved. Please email content@proformative.com to learn more about becoming a speaker or contributing to the blogs/Q&A Forum.