2008 is a good time to buy a car or truck for business.The maximum write-off in the first year is $10,960 nearly $8,000 more than in 2007 The limit is higher for new SUVs with loaded weights over 6,000 pounds. For ones in use By Dec 31, $25,000 of the cost can be expensed, half of the remaining balance can be claimed As a bonus depreciation, then 20% of what’s left can be taken as regular depreciation.On a $50,000 new heavy SUV put in use this year, $40,000 can be written off, assuming100% business use. Used heavy SUVs do not get bonus depreciation. And pickup trucks put In use in the 2008 tax year with loaded vehicle weights over 6,000 pounds, the entire cost can be expensed if two requirements are met: their trucks beds must be at least six long and must be separate from the cab.
