Starting Your Business/Keeping Tax Records
What are Business Expenses
Car & Truck Expenses
Important Changes for 2002
Maximum clean-fuel vehicle deduction. The maximum deduction
you can claim for qualified clean-fuel vehicle property placed
in service in calendar year 2002 is one of the following.
1) $37,500 for a truck or van with a gross vehicle weight rating
over 26,000 pounds.
2) $37,500 for a bus with a seating capacity of at least 20 adults
(excluding the driver).
3) $3,750 for a truck or van with a gross vehicle weight rating
over 10,000 pounds but not more than 26,000 pounds.
4) $1,500 for a vehicle not included in (1), (2),or (3).
The deduction will be phased out completely by 2005.
Qualified electric vehicle credit. The credit for a qualified
electric vehicle placed in service in calendar year 2002 will
be reduced by 25% after you apply the $4,000 limit. The credit
will be phased out completely by 2005.
Important References
Publication
535 (link to publication 535)