December 31 is approaching fast.
Why are we calling attention to this date?
Because it’s the last day you can take advantage of some valuable tax deductions you might have overlooked.
That’s right. If you know the IRS rules (and we do!), your currently-owned business cars, SUVs, trucks, and vans, (and even your personal vehicles!), can be the source of significant money-saving deductions!
Want to find out how? We’ll provide you with four, perfectly-legal strategies you can use… if you act promptly.
You’ll get the whole story when you read my new article titled Tax Tips: 2020 Last-Minute Year-End Tax Deductions for Existing Vehicles.
Four strategies to consider
before the December 31 deadline.
Strategy #1: Take your spouse’s or child’s vehicle and sell it. This isn’t as nasty as it sounds. You use this strategy if that vehicle was previously your business vehicle. You’ll get the whole story when you read this full article.
Strategy #2: If you’re self-employed, use the buy-and-sell vehicle strategy. This strategy creates both income and self-employment tax savings. All will be explained when you read this full article.
Strategy #3: Cash in on past vehicle trade-ins. Have you been trading-in your old business vehicles for replacements? If so, calculate your possible loss-deduction right now. We won’t steer you wrong when you read the full article.
Strategy #4: Put your personal vehicle into business service. Here’s why. You may qualify to use 100% bonus depreciation on the vehicle that you convert from personal to business use. We’ll show you how when you read this full article.