I am self employed consultant and travel about 35,000 miles per year for business purposes. My 1099 income was higher for 2018 than I had anticipated-so I am hoping to decrease my income on my taxes. I just became aware that there is an option to purchase a vehicle yet in 2018 and depreciate it one time at 100% as well as there is an additional bonus depreciation. I would then use this car only for business purposes. My current vehicle-a 2012 Subaru-has 192,000 miles on it-so I have been considering purchasing a different vehicle-and selling/or sharing this one to my son-as I recognize it has some great miles left to it still. So I am curious if I should consider purchasing a different car yet this year-and depreciating it 100% in 2018. I would spend between $10,000 and $14,000 and would pay cash. What do I need to know to make this decision? I have googled the heck out of this option-and still cannot decide-It seems like a smart move-but I am nervous about spending that much cash...
