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...]
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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...]