The best time to purchase a new or used work vehicle for your business is now! For a limited time - 100% of the cost of qualifying vehicles can be written-off on the 2020 tax return (up to $1,040,000). In years past, when your business bought qualifying equipment, it typically wrote it off a little at a time through depreciation. In other words, if your company spends $50,000 on a machine, it gets to write off (say) $10,000 a year for five years (as an example).