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...]
Leases
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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...]
“To buy or to lease? That is the question.”
Hamlet asked, “To be or not to be?” But there’s another important question he should have asked… “To lease or to buy a new car?” The answer to this question is not an easy one. And if you come up with the wrong answer, you could end up paying a lot more than you should and miss out on some big tax savings. That’s why my new article is so important. It lists the ten factors … [Read more...]
How to avoid the Section 179 rental equipment “Gotcha”
Do you operate as an S or C corporation? If the answer is “yes,” you know it’s smart to get money out of your corporation without exposing it to payroll taxes or double taxation. One proven way to do this is to rent equipment to your corporation. But if you do rent Section 179 personal property to your corporation you’ll have to confront one big “gotcha” and two high … [Read more...]