Are you getting the most out of your business-vehicle deductions?
If you’re using the IRS standard “mileage-rate” method, have you ever wondered what you need to do to switch to the actual expense method?
I’ll show how to make that switch the right way when you read my new article titled Tax Tips: You Can Switch from the IRS Mileage Rate to the Actual-Expense Method.
Three ways our fact-filled article can help you:
- We’ll explain two ways to switch from the IRS mileage-rate method to the actual-expense method. One type of switch allows you to undo your original return and qualify for Section 179 expensing and bonus depreciation. To find out more, read the full article.
- You’ll learn a second switch that allows use of the straight-line depreciation method. This switch invokes the old depreciation rules that appear a bit complicated if you are not reading our plain English article that gives you exactly what you need to make the switch correctly. We’ll explain everything (in language you can understand!) when you read the full article.
- We’ll explain how tax law’s luxury depreciation limits come into play when you make the switch. Let’s say you make the switch to straight-line depreciation. Your next step is to face the luxury limits. Here’s a hope: Perhaps your vehicle is exempt from the limits. That would be nice. We’ll give you all the facts when you read the full article.