The car repairs will be $2,500, but your insurer tells you that you have to pay the $250 collision deductible. This is the amount of money you’re responsible to pay out-of-pocket. Your insurance company pays th
Before delving into the specifics of how trading in a car can lead to tax savings, it’s important to have a basic understanding of how taxes work in relation to vehicle purchases. When you purchase a new car, you are generally required to pay sales tax on the total purchase price, whi...
Can I deduct sales tax on a car purchase? Sales tax on a car or automobile purchase might be deductible. It depends on the taxpayer’s circumstances. Generally, the following conditions must all be met. Read More ›Can I deduct yoga teacher training from my taxes? Just like there ...
Bought a car? A boat? A plane? Sales tax is deductibleBought a car A boat A plane Sales tax is deductibleHouston Chronicle
A car insurance deductible is the amount of money you are expected to pay out of pocket if you have a claim. Setting a higher deductible can lower your premiums, but you’ll pay more if you have an accident.
A PCP (personal contract purchase) is one of the most popular ways of buying a new or used car. We break down everything you need to know
If so, your company might reimburse you a certain amount for the use of your car on a per-mile basis. It’s great that you’re getting paid back for your auto expenses, but you might be wondering if you have to pay tax on the reimbursement. ...
Would a policy with a higher deductible and lower premium make more sense for you? Or vice versa? A deductible is the amount you'll need to pay out of your own pocket before the insurance company will pay, while a premium is the amount you pay each month, quarter, or year to keep ...
To claim the electric car tax credit, you must use Form 8834 in conjunction with Form 8582-CR. The credit is equal to 10% of the cost of each qualified plug-in electric vehicle with a maximum credit of $2,500 per vehicle. You can use Form 8936 to claim an elect...
Moving costs can skyrocket in no time, and before you even get into your new home your budget is blown. So, if you’re looking for ways to save, let’s discuss what moving costs are tax-deductible. Ramsey Solutions TaxesSave Filing Taxes After Divorce ...