Luxury Car Rules: ‘How to Avoid Indulging in Luxury Car Limitations’

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In the market for a new car and hoping to kill two birds with one stone? Taking the time to research the tax implications on both your personal and professional finances with the right vehicle purchase could land you long-term savings. However, not examining the tax code closely enough could leave you paying more than you budgeted for. Here are some things to keep in mind before driving your new car off the lot.

The IRS puts limitations on vehicles that may be considered luxury purchases, by restricting the amount of allowable depreciation. The standards aim to push any cost of …read more

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