Moving Deductions

Moving Deductions

It pays to understand the financial nuances associated with your vehicles, including the revamped mileage deductions, buying versus leasing and writing off newly acquired vehicles.

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October 26, 2018
Finance & Accounting

Thanks to last December’s Tax Cuts and Jobs Act (TCJA), those snow removal and ice management operations with vehicles in their business, are finding it easier than ever to write-off the cost of buying and maintaining them. Many small businesses are taking advantage of these new rules with the National Federation of Independent Businesses (NFIB) recently reporting 61 percent of businesses surveyed have made capital outlays, with 43 percent spending it on equipment and 27 percent on vehicles.

Knowing how and when to deduct the cost and expenses of the vehicles used in the snow removal business can have significant tax implications. It pays to understand the nuances of all costs associated with the operation’s vehicles including the revamped mileage deductions, buying versus leasing and writing off the cost of newly acquired vehicles.

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