The IRS has released the annual depreciation limits for business vehicles first placed in service during 2010. For passenger automobiles, the deduction limits for the first three years are $3,060, $4,900, and $2,950, and $1,775 for each succeeding year. For trucks and vans, the deduction limits for the first three years are $3,160, $5,100, and $3,050, and $1,875 for each succeeding year.
Another IRS announcement related to business vehicles: Because two-wheeled vehicles are being used more and more for business travel, the IRS may soon provide a standard mileage rate for the business use of motorcycles.
