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 Last-Minute Tax Tips for Vehicles.
Three ways our fact-filled article can help you:
- We’ll tell you why you should buy that new car now. It’s a fact! You or your corporation can claim up to $8,000 in bonus depreciation on a new (not used) car purchased and placed in service before midnight on December 31, 2010. You’ll get the whole story when you read the full article.
- We’ll show you how to convert your personal vehicle to business use. Do you have a personal vehicle that you purchased new? If so, consider converting that vehicle to business use before December 31, 2010, to qualify it for the 50 percent bonus depreciation. You’ll get the details when you read the full article.
- We’ll explain the tax-smart way to buy a van. To qualify for expensing of up to $500,000, a van must meet four IRS criteria. We’ll tell you what they are when you read the full article.