Maybe you can afford that SUV of your dreams

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Normally when you buy a company car, you’re required to depreciate it over time. (The Year One deduction was raised from $7,660 to $10,710 in the tax reform package passed a couple of years ago, but that provision is set to expire at the end of 2004.)

A notable exception to the rule are vehicles rated at more than 6,000 pounds of gross weight, meaning the loaded weight of the vehicle. In such cases, up to $20,000 of the purchase price can be deducted as a business expense in the year of purchase, with the remainder subject to depreciation.