Timely points of particular interest
Luxury Car Limits—The deductions for vehicles used for business driving are limited by the so-called luxury car rules. The IRS, which indexes these limits annually, recently announced the maximum deductions allowed for vehicles placed in service in 2017. For passenger vehicles, the maximum deduction is $11,160, including 50% bonus depreciation. The limit for trucks and vans, including bonus depreciation, is $11,560.
Living Wills—A living will is a legal document that specifies your intentions concerning medical treatment in the event that you become mentally or physically impaired or terminally ill. The primary purpose is to address health care concerns that might arise should you ever become incapable of making those decisions. This is helpful to those who make your end-of-life decisions.