Save That Clunker

February 22, 2011 @ 7:30 pm posted by admin

SAVE THAT “CLUNKER”

YOU CAN TOTALLY EXPENSE YOU BUSINESS CAR IF YOU HAVE A SECOND CAR, REGARDLESS OF ITS AGE AND CONDITION, AS LONG AS IT IS REGISTERED AND STATE LICENSED.

IF YOU DRIVE, SAY OVER A 1,500 MILES A MONTH, MILEAGE IS USUALLY THE BEST IRS TAX DEDUCTION, IRS ALLOWS FIFTY FIVE ($.55) CENTS PER MILE THIS YEAR. FOR SHORTER MILEAGE, DEPRECIATION AND ALL EXPENSES ARE USUALLY BEST, UNLESS YOUR BUSINESS CAR IS QUITE EXPENSIVE, SAY OVER $50,000.00 NEW. ALWAYS BEST TO CHECK BOTH METHODS TO GET MAXIMUM DEDUCTION.

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