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 Tax Year 502V Use of Vehicle for Charitable Purposes 2023-2025

502v 2023-2025 Form

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let me tell you the truth about writing off your vehicle in your business all this nonsense you hear about bonus depreciation Section 179 buying a vehicle over 6 000 pounds it's ridiculous have a look here I've done the analysis and the results actually might surprise you if you made 175 000 in business profit and you purchase a reasonable thirty five thousand dollar business vehicle you're saving three thousand six hundred eighty seven dollars in taxes but if instead you decide to purchase a seventy thousand dollar business vehicle so you can write off the whole thing you now saved 13 334 in taxes an additional tax savings of nine thousand six hundred forty seven dollars okay great but wait there's more to this equation in order to qualify for these tax savings you're essentially spending an extra thirty five thousand dollars on the vehicle is it really worth it does it make good Financial sense to spend thirty five thousand dollars to save nine

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