If you have a business, take the bonus depreciation not section 179. Bonus depreciation is an accelerated business tax deduction. Rather than depreciating a large asset over the course of its lifetime, you write off a large chunk of the purchase price in a single year. From 2017-2022, the bonus depreciation was 100% of the purchase price. Starting in 2023, it’s 80% times your business use. The remaining 20% is deducted over the next few years. Next year in 2024, this number decreases to 60%.
I have an accountant who told me you can purchase the car in my name, another said it needs to be on the name of your corporation.