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!

  • penfrizzleOPB
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    1 year 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?