Here are two important questions for every S corporation owner: Does your corporation own your business car? Do you drive your corporate-owned car or other vehicle for personal purposes? If you’re answering “yes,” it’s important to know how the IRS treats the personal use of your vehicle and how that personal use affects corporate tax deductions. Knowing the rules … [Read more...]
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How to maximize deductions on new business-vehicle leases
Thinking about leasing a vehicle for your business? Then I urge you to read my latest article before you sign on the dotted line. You see, if you don’t know the right way to trade in the vehicle you’re currently using, you could be leaving thousands of dollars on the table. In some cases, tens of thousands of dollars! To keep that money where it really belongs (in your … [Read more...]
How to maximize your first-year, business-vehicle tax deduction
When it comes getting a tax deduction, all vehicles are not created equal. In fact, there are huge differences in what you can deduct, depending on whether you buy a car, a pickup truck, or an SUV. And that’s just for starters. You see, the differences within each of these categories actually depend on the weight of the vehicle! If you want to be a winner the next time you … [Read more...]
Deductions for mileage driven to your rental properties
If you own a rental property, no doubt you’re going to visit it from time to time. Maybe there’s a leak that needs fixing. Or perhaps you want to hand over the keys to a new tenant. In any case, if you’re driving to your rental units you need to ask yourself these three questions: Question #1: “For tax purposes, how do I treat a trip from home to my rental … [Read more...]
Boost deductions when you use more than one vehicle
Do you have more than one car in your household? If the answer is “yes,” my new article makes must reading. You see, if you consult the tax code, you’ll discover that you can score some hefty tax deductions by using more than one vehicle for business. What exactly does the IRS have to say about multiple vehicle use? How can you save money by driving more than one … [Read more...]