Your business vehicles may qualify if:

• Purchased or financed qualifying new or pre-owned business equipment, including certain business-use vehicles, during the 2024 tax year.
• Put the equipment into service between January 1, 2024, and December 31, 2024.
• Used this equipment for business purposes more than 50% of the time.
• Spent less than $4,270,000 on this equipment.

Deduction guidelines:

• You cannot write off more than $1,220,000
• The total cost of the equipment purchased cannot exceed $3,050,000. Beyond this amount, the deduction reduces on a dollar-for-dollar basis and is completely phased out once $4,270,000 is spent.