Tax Fast Facts® gives you fast tax answers in a pocket reference format.

 
PRODUCT UPDATES
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UPDATES TO THE 2013 - 2014 ARE SHOWN BELOW
         
(last updated June 2, 2014)
 
 
 
PAGE 11 - VEHICLE DEPRECIATION (update for 2014)
 
 
VEHICLE DEPRECIATION
     year placed in service
2011
2012
2013
2014
  Automobiles
   1st year - no bonus depreciation
                 - with bonus depreciation
$3,060
11,060
$3,160
11,160
$3,160
11,160
$3.160
n/a
    2nd year
4,900
5,100
5,100
5,100
    3rd year
2,950
3,050
3,050
3,050
    all later years
1,775
1,875
1,875
1,875
Trucks and Vans
    1st year - no bonus depreciation
                  - with bonus depreciation
$3,260
11,260
$3,360
11,360
$3,360
11,360
$3,460
n/a
     2nd year
5,200
5,300
5,400
5,500
     3rd year
3,150
3,150
3,250
3,350
     all later years
1,875
1,875
1,975
1,975
 
 
 
 
 
PAGE 11 - VEHICLE LEASING - INCLUSION VALUE (update for 2014)
 
 
 
VEHICLE LEASING - INCLUSION VALUE
 

If a vehicle is leased for 30 days or more, the lease deduction must be reduced by an inclusion value if the fair market value of the vehicle exceeds the value shown below on the first day of the lease.

2013

2014

 

    automobiles

$19,000

$18,500

     trucks

  19,000

  19,000

 
 
 
 
 
 
 
 
 
 
 
PAGE 4 - INTEREST RATES - OVER/UNDER PAYMENTS (update for 2014)
 
 
 

Interest Rates Over/Under Payments

2013

2014

 1st  quarter

3%

3%

 2nd quarter

3%

3%

 3rd quarter

3%

3%

 4th quarter

3%