Many of the tax provisions under tax reform were favorable to small business owners including those relating to using a car for business. This article covers areas including:

- Section 179 Expense Deduction

- Luxury Auto Depreciation Allowance

- Additional First-Year Bonus Depreciation for Passenger Vehicles

- 100% First-Year Bonus Depreciation for Heavy Vehicles

- Deductions Eliminated for Unreimbursed Expenses for Busines Use of a Car

https://www.sharrardmcgee.com/newsletter.php#5

For more information about this change and other ways that the Tax Cut and Jobs Act may impact your tax planning, call your CPA at Sharrard, McGee & Co., PA at (336) 884-0410 in High Point and (336) 272-9777 in Greensboro.