If you’re leasing a car that will be used for business purposes, I’ve got good news for you… If you know the ins and outs of the tax law, there are three deductions you can claim that can save you big money. Does this mean you have to spend time studying the tax code and all its rules and regulations? Not at all. We’ve done it for you and boiled all the money-saving … [Read more...]
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How to deduct a business trip (when it’s also personal!)
Here’s a question for you… If you drove a long distance to your parents’ home, but spent time doing business research in the library around the corner from their house, would the IRS consider the miles you drove to be “business miles” or “personal miles”? The answer can mean the difference between claiming a fat business deduction or having to pay all your expenses out of … [Read more...]
10 last-minute vehicle tax deductions
The clock is ticking and soon it will be 2014. This means that if you’re thinking about buying or selling a business vehicle, you better get moving! You see, to take advantage of all the tax deductions coming to you, you have to own the vehicle and place it in service before midnight, December, 31. Want to learn how to use 10 last-minute 2013 tax deductions by buying and … [Read more...]
How to “W-2” the vehicles you provide to employees
If you provide your employee(s) with vehicles for business use, you’ll have to do a little calculating. You see, because your employees personal use of the vehicles must be included in their wages, you’ll need to apply the correct valuation rules. Sound complicated? It is. We’re dealing with the IRS! But don’t worry. We’ll explain the three IRS-approved valuation methods … [Read more...]
Selling an old asset? Take my tax IQ test!
Let’s say it’s time to get rid of your old business vehicle and buy another one. Does it make sense tax-wise to sell it or trade it in? The answer is… it all depends. If you’re going to take a loss, check out last month's article. If you’re going to realize a gain, my new article is for you. You see, it will show you how to maximize your tax benefits and keep money … [Read more...]