I just sold my old personal pickup that I used for doing construction side jobs because it was getting to the point where it wasn’t reliable for my personal life.

I plan on buying a newer truck anyway because it is needed in my personal life.

Assuming my projected income is $15,000/year from the side business, am I shooting myself in the foot tax wise by not waiting for the start of new year?

I would like to be able to write off a portion the sales tax and down payment if possible.

It will have a gvwr over 6,000 if that matters.

Thanks!

  • vaylon1701@alien.topBEnglish
    1·
    11 months ago

    If you can afford taking a huge payment on for a new truck and the insurance go for it. But it will be years before you can break even on the cost of new trucks and if you have to pay a premium? You will lose about 20K as soon as you pull it off the lot. Prices are still insane and the lots are filing up pretty fast around here.

    • penfrizzle@alien.topOPBEnglish
      1·
      11 months ago

      The question isnt if i should buy a truck, I am buying a newer truck regardless, as I stated, I need it for my personal life anyway. My question is: if a plan on also using it in 2024 for some taxable side work, should I wait for 2024 to buy it?