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...]
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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...]
Be careful gifting business property!
Whoever said “It’s better to give than to receive” never read the tax code. You see, if you make a gift of business property the wrong way, you could wind up losing valuable tax benefits. How can you make gifts of business property to your children or others and avoid problems with the IRS? Easy. Read my new article titled Tax Tips: Beware When Gifting Business … [Read more...]