HIVE TAX AI
Lotus Li
Lotus Li is a CPA who has transformed 20 years of professional experience into building products with a mission to simplifying everyone’s tax journey. She is passionate about bringing cutting-edge AI into the world of tax and finance and is deeply immersed in designing, building, and launching innovative AI-powered tax solutions.
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What is bonus depreciation for vehicles in 2024?
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.
How do I write off a vehicle used partially for personal use?
Deduct only the business-use percentage of expenses, based on accurate mileage tracking.
Is Section 179 applicable for SUVs or trucks?
Yes, Section 179 is applicable to SUVs and trucks, but with important limitations and restrictions that you must understand to properly claim these deductions.
Can I deduct lease payments on a business car?
Yes, lease payments are deductible if the vehicle is used for business and records are maintained.
How do I track business mileage for tax purposes?
Track each trip with date, miles, destination, and business purpose. Keep accurate, timely records.
Should I use the standard mileage rate or actual expenses for my vehicle?
Choose the method that offers a higher deduction. You must stick with one method per year.