Posted on Jun 8, 2010
The IRS has released the annual depreciation limits for business vehicles first placed in service during 2010. For passenger automobiles, the deduction limits for the first three years are $3,060, $4,900, and $2,950, and $1,775 for each succeeding year. For trucks and vans, the deduction limits for the first three years are $3,160, $5,100, and $3,050, and $1,875 for each succeeding year.
Another IRS announcement related to business vehicles: Because two-wheeled vehicles are being used more and more for business travel, the IRS may soon provide a standard mileage rate for the business use of motorcycles.