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...]
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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...]
Watch out for the “true lease” trap!
You may think that you just bought a new vehicle. Or that you leased a vehicle from your local dealer. But you better be sure that the IRS agrees with you. You see, if the IRS finds that your lease is not technically a “true lease,” or that your purchase is not technically a purchase, you could owe additional taxes and big penalties. Don’t fall into this all-too-common … [Read more...]
Should you buy or lease your business vehicle?
Thinking about getting a new vehicle for your business? Then you have to make a tough decision… Should you buy or should you lease? Unfortunately, deciding which option saves you the most money isn’t always easy. Sure, you’ve got to consider out-of-pocket costs, but you also have to think about how much cash you have available, the tax benefits each approach provides, and the … [Read more...]