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Tax Guy: Use your car for your small business? The new tax law is good news for you

The Tax Cuts and Jobs Act (TCJA) has plenty of good news for small businesses and their owners, including super-favorable first-year depreciation breaks for vehicles used for business. These breaks have not gotten much attention. But if you read this, you’ll know what you need to know.

Bigger depreciation allowances for passenger vehicles

For both new and used passenger vehicles that are acquired and placed in service after 12/31/17 and used over 50% for business, the TCJA dramatically and permanently increases the so-called luxury auto depreciation allowances. For vehicles placed in service (put to business use) in 2018, the maximum allowances are:

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