There are two ways to deduct the business use of your car, truck, or SUV. If you qualify, you can use IRS mileage rates or You can use the “actual expense” method Which one is right for you? You’ll get the right answer when you use the free calculator tool we’ve included in our new article titled Tax Tips: Are You Cheating Yourself by Using IRS Mileage … [Read more...]
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Read this before leasing a vehicle!
Are you going to lease your next business vehicle? Are you eligible to use IRS mileage rates? If the answer to these two important questions is “yes,” then my new article makes must reading. Why? Because Uncle Sam lets you choose between the IRS mileage rate or the “actual expense” method. And if you choose wrong, you can wave goodbye to valuable tax deductions. Want … [Read more...]
Avoid Lost Deductions When Corporate Vehicle Is in Your Personal Name
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 … [Read more...]
There’s hidden cash in the IRS standard mileage rate!
It’s sad but true… 83% of businesspeople think that use of the IRS standard mileage rates takes care of vehicle expenses for business purposes. Wrong! The truth is they’re costing themselves big bucks by failing to deduct a loss on the sale of their business vehicle. Want to find out the right way to play the IRS’s mileage game? Read my new article titled Tax … [Read more...]
The smart way to deduct your business vehicle
What’s the best way for you to deduct your business vehicle? Should you use… The IRS mileage rate? or The actual expense method? If you’re using the mileage rate because you think it’s easier, or because you believe you won’t have to keep a mileage log, you could be in for a nasty surprise. To find out which deduction method actually puts more money in your pocket, try … [Read more...]