Alert: IRS 100% Deduction For Business Fleet Expiring
In 2012, the IRS opened the door on a special deduction. It allowed businesses that purchased a vehicle that has a Gross Vehicle Weight rating (GVWR) between 6,000 and 14,000 lbs to deduct the cost of the vehicle at an accelerated rate. If the vehicle is used for business at least 50% of the time, then 100% of the vehicle cost is tax deductible (up $500,000 per business.) The Land Rover LR4, Range Rover Sport, and Range Rover all fit into this weight class, making now the perfect time to buy one, but you have to hurry. The tax deduction expires at the end of the year!