Do you operate your business as an S or C corporation?
Then be careful!
You see, if you use your personal vehicle for corporate business, you could risk losing valuable tax deductions.
If you want to stay on the right side of the law and keep money in your pocket,
Read my new article Tax Tips: Avoid Lost Deductions When Corp. Vehicle Is in Your Personal Name!
Here’s just some of the important information
I’ve got waiting for you:
- How to handle Section 179 expensing. I’ll show you the right moves to make when you read the full article.
- What to do if the vehicle title is in your name. There’s a wrong way and a right way to handle things as you’ll learn when you read the full article.
- How your corporation should reimburse you for expenses. Sections 161 to 199 of the tax code are relevant as you’ll learn when you read the full article.
- The right way to document your reimbursement. There are six items you’ll need to document for the IRS as I’ll explain when you read the full article.
- How to complete your corporate return correctly. There are two choices for labeling reimbursed vehicle expenses in the “other deductions” section. You’ll get all the details when you read the full article.