The new tax law has a lot to say about deducting the cost or vehicles. In some cases, you can deduct the full cost in the year you place the vehicle in service! In other cases, the luxury auto limits might stretch your depreciation deductions over 30 or more years! The bottom line? You really need to check out our brand new article titled Tax Tip: With the New Tax Law, … [Read more...]
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Don’t kill your vehicle’s Section 179 deduction
The good news… The IRS allows you to amend your Section 179 deduction. The bad news… If you choose to use the IRS mileage rates, the tax law grants you no Section 179 deduction and no ability to amend your tax return to claim it. But hang on. All is not lost. You can still recover many of those lost deductions by switching to the actual expense method explained in our … [Read more...]
Nine 2010 last-minute tax-saving tips for vehicles
2010 is winding down, but it’s not too late to save money when it comes to the tax treatment of your car, truck, or SUV. The trick is to act promptly before 2011 rolls around. To help you out, we’ve compiled some hot, last-minute tips on what you can do with your vehicles to cut your 2010 taxes. You’ll find these valuable ideas in our new article titled Tax Tips: Nine 2010 … [Read more...]
Get your personal economic stimulus package
Did you know that “The Small Business Jobs Act of 2010” spends $12 BILLION on small businesses? Are you getting your fair share of this money meant to stimulate the economy? To learn how the one-owner business can cash in on The Small Business Jobs Act of 2010, read our brand new article titled New Law: Another Small-Business Economic Stimulus Package for You. Three ways our … [Read more...]
Surviving a tax audit for entertainment & vehicle deductions
There are two frightening words no one ever wants to hear… “IRS Audit.” Yet, you may be among the countless thousands of men and women whose entertainment and/or vehicle deductions will be closely audited by the IRS. Will you sail through the audit process without a problem, or will you owe thousands of dollars and face possible penalties? You’ll find answers to these … [Read more...]