Per Diem Rates from the U.S. General Services Administration

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Rates are set by fiscal year, effective October 1 each year. Find current rates in the continental United States ("CONUS Rates").

Per Diem Rates

7 Things to Know About Depreciation

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1. When using your vehicle less than 100% for business you must allocate depreciation to business use. For example, if you used your vehicle 80% for business purposes and your operating expenses using the actual expense method were $4,000, you may only deduct $3,200. The remaining $800 are nondeductible personal expenses.
2. When using depreciation tables, keep in mind they assume 100% business use. Therefore, whatever amount the table indicates as the deduction, you must multiply the table amount by your business-use percentage to find your deduction. For example if the table indicates your depreciation deduction is $2,000 and your business-use percentage is 80%, you may only deduct $1,600 (80% x $2,000).
3. The straight-line (SL) method provides equal annual deductions throughout the recovery period of the property. Note that if you use straight-line depreciation from the date you placed the property in service, you don't have to concern yourself with recapturing depreciation.
4. The declining balance (DB) method (200% or 150%) provides higher depreciation deductions than the straight-line method during the earlier recovery years. If your business use drops below 50%, you'll have to recapture excess depreciation you deducted in prior years. The excess deduction represents the difference between what you actually deducted using accelerated MACRS depreciation and what you could have deducted for the same period had you used straight-line depreciation. The excess amount is reported as other income on your income tax return.
5. The annual depreciation deduction for passenger cars, light trucks and vans is limited to the ceiling (maximum) amount shown in depreciation tables. These ceilings apply to vehicles weighing 6,000 pounds or less.
6. Heavy trucks and vans weighing more than 6,000 pounds but less than 14,000 pounds are not subject to the passenger car ceilings. However, they are limited to a maximum first-year expensing deduction (section 179) of $26,200 for 2021.
7. Heavy trucks and vans weighing 14,000 pounds or more are not subject to either the passenger car depreciation ceilings or the first-year expensing limit that applies to vehicles weighing more than 6,000 pounds but less than 14,000 pounds. However, these vehicles are subject to the general first-year expensing limit (section 179) of $1,050,000 for 2021.