Ready to sell or trade in your business vehicle?
Stop! Jam on the brakes! The first thing you should do is read my new article.
Why? Because when you sell your business car or truck, you may be adding thousands of dollars to your tax bill. Or creating thousands of dollars of tax deductions. It all depends on how you play the game.
That’s right. With a little tax planning, you could keep a lot more money in your pocket.
To find out how, step on the gas and read my new article titled Tax Tips: Stop Taxes before They Happen by Shrewdly Planning the Trade-In or Sale of Your Business Vehicle.
Three ways our fact-filled article can help you:
- You’ll learn why you need to know your vehicle’s “adjusted business basis.” That’s the amount you paid for the vehicle, multiplied by your business-use percentage minus depreciation. Sound complicated? It is… but we’ll explain this very important concept in easy-to-understand language when you read the full article.
- We’ll explain how to do a tax-free exchange. If you trade your car or truck for another “like kind” car or truck, you don’t pay a penny in tax. In tax law, this is known as a Section 1031 transaction. All will be explained when you read the full article.
- We’ll tell you what qualifies as a “like kind” transaction. According to the IRS, there are six categories of vehicles that are considered “like kind” for the purposes of a Section 1031 swap. We’ll tell you what they are when you read the full article.