If your business buys or leases passenger vehicles in 2022, review the IRS’s recently updated depreciation deduction and income inclusion tables. In general, taxpayers may claim an additional first-year depreciation deduction equal to 100% if they place qualified purchased vehicles into service before 2023 (other rules and limitations apply). Table 1 lists depreciation limits for vehicles that qualify for an additional deduction. Table 2 is for vehicles that don’t qualify for the additional deduction. And Table 3 provides dollar amounts to be used to determine an income inclusion amount for leased vehicles. See Rev. Proc. 2022-17 for the tables: https://bit.ly/3weAXAa
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