Posts Tagged ‘Vehicles’
Is Your Car a Small Business Tax Deduction?
There’s a lot to keep track of when you’re starting your small business. Sometimes half the battle is keeping track of your expenses so that you can write off business costs on your taxes. But have you ever considered that every mile you put on your car driving to and from client lunches, purchasing supplies, and dropping…
Read MoreHow to Find the Best Car Insurance for Your Business or Personal Needs
Cars have become an essential part of both individual and business life. It is a standing requirement that all cars should have in place a valid third party insurance. With the availability of instant car insurance quotes online, the process is much simpler than it used to be. The first step to finding an instant…
Read MoreShould Your Business Have a Car?
As an invested entrepreneur or small business owner, you might consider the possibility of buying or leasing an official business car. This vehicle could be used exclusively for business purposes, or could be used by employees as both a personal and professional vehicle. So under what conditions would a business car be a good investment?…
Read MoreBusiness Deductions for Meal, Vehicle, and Travel Expenses: Document, Document, Document!
Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. An Important Requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or…
Read MoreWhat is Leasing and How Can It Help My Business?
Normally, when it comes to innovation and the most advanced ways of doing something, businesses lead the way, making discoveries and challenging accepted ways of doing things which are soon adopted by the public sphere. When it comes to saving money on cars and autos though, the public sphere definitely has a thing or two…
Read MoreAvoid These 6 Mistakes When Choosing a Vehicle for Your Business
Investing in anything for your business always has to be considered carefully because no one wants to waste profits on a hasty decision. What’s more, transport is often one of the biggest single outlays for startups and small businesses, so getting it right first time is crucial. If your business is based at home, or…
Read MoreYes, Even Car Color Matters When Evaluating Vehicle Depreciation Costs
The management of fleet vehicles is inherently costly, but the biggest fleet expense is by far the depreciation of vehicles, followed by fuel costs. Depreciation will be dependent on your business vehicles age, mileage, vehicle type and model, as well as your acquisition costs. But how can you manage the depreciation of your business vehicles…
Read MoreStandard Mileage Rate Falls Again for Tax Year 2017
Self-employed professionals who use a vehicle for business trips were likely not thrilled when the standard mileage rate on deducting business mileage plummeted from 57.5 cents per mile in 2015 to 54 cents per mile in 2016. While the rate for 2017 is not dropping as much, it is still lower than the 2016 rate…
Read MoreShould You Buy or Lease a Car for Tax Deductions?
Buying or leasing a car can be a difficult decision for both individuals and businesses. A number of factors play into tax deductions for a business car. Things such as the definition of business use, the types of expenses claimed and methods of calculating deductions play an important role, in addition to whether or not…
Read MoreSell or Trade a Business Vehicle?
From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading it in for a new vehicle. If the vehicle is sold, the result is reported on the taxpayer’s return as an above-the-line gain or…
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