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What are the tax benefits for purchasing a business vehicle in the 1st quarter as opposed to the last quarter?
I know there is some reason because the last business vehicle was purchased in late October and my accountant told me last year not to do that again, but didn't go into details.
3 Answers
- shoredude2Lv 71 decade agoFavorite Answer
If too large a percentage of your business assets for the year are bought in the last quarter, you will be required to used mid-month convention for all the items purchased that year which could lower your depreciation expenses (not to mention complicate if everything else is mid-quarter).
- yourtaboLv 51 decade ago
There is really no tax benefit. Depreciation life stays the same regardless. There is also dollar limit for how much you could depreciate for the car, van, or truck for the tax year.
