Bonus depreciation for vehicles in 2024 is 60% of the adjusted basis for most qualified property placed in service during the year T.D. 9874 . This represents a continuation of the phaseout schedule established by the Tax Cuts and Jobs Act.

Deduct only the business-use percentage of expenses, based on accurate mileage tracking.

Yes, Section 179 is applicable to SUVs and trucks, but with important limitations and restrictions that you must understand to properly claim these deductions.

Yes, lease payments are deductible if the vehicle is used for business and records are maintained.

Track each trip with date, miles, destination, and business purpose. Keep accurate, timely records.

Choose the method that offers a higher deduction. You must stick with one method per year.