You want to do a nice thing and donate your business vehicle to charity. You also want to get a hefty tax deduction for making the donation. Well, be careful! The laws that govern such transactions are tough and you’d better do some calculations before you hand over the keys. We’ll tell you how to avoid trouble before it starts when you read my new article titled Tax … [Read more...]
Exchanges
Sorted by Date
Tips for Best Tax Result on Vehicle Disposition
Thinking of selling or trading in your business vehicle? Then pay attention because you may be able to save yourself a bundle. You see, when you sell or trade in your vehicle, one of two things is produced … a taxable gain or a deductible loss. And how you handle your gain or loss has real tax implications. Want to learn how you can get the best tax deduction available … [Read more...]
Sell your SUV using a 1031 exchange
Thinking of selling your SUV and buying a car with the proceeds? Then you should consider using a 1031 exchange. You see, this tax-payer friendly section of the tax code allows you to avoid paying current-year taxes on the sale of your old SUV when followed by the purchase of a replacement vehicle. Want to find out how to put a section 1031 exchange to work for … [Read more...]
The Section 1031 tax program for vehicles
If you sold your business vehicle, would you wind up with a taxable gain? If the answer is “yes,” you could decrease or possibly eliminate your tax bill using a Section 1031 tax-deferred exchange. How can you turn this section of the tax code to your advantage? You’ll find out when you read my new article titled Tax Tips: 1031 Tax Program for Vehicles. Three ways our … [Read more...]
A new law reinstates huge tax savings
It seems like lawmakers always have small-business owners in their gun sights. Well, finally there’s some good news that I’ll explain fully in my new article… This past December lawmakers passed a law they called the “Tax Increase Prevention Act of 2014.” Among its other provisions, the law retroactively reinstated Section 179 and bonus depreciation laws that previously … [Read more...]