There are two methods of calculating the business use of your car. You’ll want to calculate your vehicle expenses each way and then choose the method that yields the largest deduction for you. If you are using
Deducting your car donation can save you a significant amount of income tax; however, the IRS increased the documentation requirements you must adhere to. To avoid having the IRS question your deduction, be sure to follow the guidelines and keep every document that...
It has also been widely reported that claiming a home office deduction has always been a “red flag” for IRS audits. I think this has changed in recent years with more and more Americans working out of their house. If you have further questions regarding the home office tax deduction you ...
Internal Revenue Services (IRS) in releasing its tax scheme IR-2009-60 on June 10, 2009 in the U.S. According to the scheme, taxpayers, who buy certified motor vehicle on states that have no sales tax, are qualified to claim a deduction in tax. It cites that purchasing of vehicles on...
While the per-store used-vehicle sales average in 2022 for all groups in on the list was 832, the leaders sold considerably more, and a few doubled that average. Which dealership groups grew the most by volume of used-vehicle sales?
Wondering if your car registration fees are deductible? Discover the vehicle registration tax deduction criteria, including which fees qualify and how to claim the deduction on your federal tax return.
Since you're an independent business owner, just about any money you spend on your gig as a rideshare driver will be a tax-deductible business expense. The first thing that probably comes to mind is your car. There are two ways to take a deduction f...
If you buy a new car, pickup truck, motorcycle or motor home in 2009 you could qualify for a new sales tax deduction, thanks to the stimulus law passed on February 17, 2009.
Child Tax Credit (CTC) Student loan interest deduction Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and sta...
Child Tax Credit (CTC) Student loan interest deduction Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and sta...