“Vehicle Used for Business
Can Produce a Big Surprise Deduction”
To get my complete article
with all the details…
If you use your personal vehicle for business—whether you’re a sole proprietor or operate through a corporation—you may be eligible for a significant, unexpected tax deduction.
Here’s the surprise: The IRS standard mileage rate includes an embedded depreciation component. That means you may have built up substantial deduction.
Let’s say you used your vehicle mostly for business and plan to sell or trade it. The IRS treats this as a taxable sale—but here’s the good news: you could unlock a fully deductible business loss.
In this article there’s an example where this added up to a $12,937 ordinary tax deduction—fully deductible under Section 1231 of the IRS Code. Here are two key points, this benefit applies
- when you deducted mileage directly, say as a sole proprietor, or
- when you are reimbursed for mileage by your corporation.
Before you sell or trade in your business-used vehicle, make sure you read Vehicle Used for Business Can Produce a Big Surprise Deduction
This nugget of insight could unleash a tidy tax benefit. Don’t let it disappear on you.
CLICK HERE to read my completely new article titled:
“Vehicle Used for Business
Can Produce a Big Surprise Deduction”