Do you operate your business as an S or C corporation?
Do you drive a vehicle for business purposes that’s registered in your own name?
Then watch out!
You see, the Tax Cuts and Jobs Act (TCJA) changed the rules for tax years 2018 to 2025.
These changes in the tax law deny 1040 employee business-expense deductions when you use a personal vehicle for corporate business.
But hang on a second. There is a way for you to get an approved deduction despite changes in the law.
Here’s how to do it …
Have your corporation reimburse you,
just as if the corporation purchased the vehicle!
Want to learn more about a perfectly legal strategy that can save you big money?
Read my new article titled Tax Tips: TCJA: Don’t Lose Out When Corp. Vehicle Is in Your Personal Name.
Here’s just some of the important information
we’ll explain in detail.
- Five important facts you need to know about how to get your reimbursement
- Why you must keep an accurate mileage log
- Why you need to know how to determine your “business basis”
- Why you must submit an “enhanced expense report” to your corporation for the depreciation component of your vehicle
- Why your corporation must have an “accountable plan”
- And much more