Electric Cars

Electric cars are propelled by electricity and built by an original equipment manufacturer.

They have higher depreciation limits than gas-propelled passenger cars. Although a hybrid car may be partially powered by electricity, it is not treated as an electric vehicle.

Annual Depreciation Limits for Electric Cars

  • Tax year 2006: $8,960
  • Tax year 2007: $14,400
  • Tax year 2008 $8,650
  • Tax years after 2008: $5,225

Annual limits must be reduced for personal use.

QuickBooks Self-Employed
For Freelancers and independent Contractors

- Organize your financial data into one central accounting system on the cloud
- Software kept up to date.
- Your data kept secure
- Anytime, anywhere data access.
- Pay your quarterly estimated taxes online.
- Export Schedule C to TurboTax at year-end for faster filing.
- Save up to 50% off QuickBooks Self-Employed. Track every deduction! Start your free trial now!

Have an accounting or bookkeeping question? Email it to me.