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Tax Deduction Consulting: Automobile Tax Expenses Gardnerville NV

The simplest automobile tax expense situation is one in which a vehicle is used entirely for business. For example, if you have a van used for a delivery service and nothing personal, all expenses associated with the van can be written off. This is known as the exclusive use situation. For many small businesses, however, a vehicle will be used for both personal and business reasons.

H&R Block
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Jeffrey Goldman
450 Hillside Drive #A107
Mesquite , NV
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Title: Financial Consultant
Company: Jeff Goldman
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Investment Advisor Rep: Yes
Education
Rensselaer Polytechnic Institute/Bachelor of Science
Years Experience
Years Experience: 6
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Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Life Settlements,IRA, 401k, Roth IRA, QDRO Rollovers,Alternative Investments,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Fee Only Portfolio Managem

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10620 So. Highlands Pkwy
LAs Vegas, NV
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(702) 382-3903
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Las Vegas, NV
 
Tax Service Sales Llc
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Las Vegas, NV

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King's Accounting
(530) 577-8293
3170 Hwy 50, Suite #6
South Lake Tahoe, CA
 
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1635 Villiage Center Circle 140
Las Vegas, NV
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Company: Summit Portfolio Management
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Investment Advisor Rep: Yes
Registered Investor: Yes
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Arizona State University Five
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Years Experience: 27
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Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Captive Insurance,401k Rollover From Employer,CD Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Life Insurance,Alternative Asset Class Planning,Invest

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Helene Graber EA
(702) 617-5604
2146 Oliver Springs St
Henderson, NV
 
Liberty Tax Service
(866) 871-1040
4425 Stewart Ave # 109
Las Vegas, NV

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(702) 252-8597
1919 S Jones Blvd Ste
Las Vegas, NV
 
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Tax Deduction Consulting: Automobile Tax Expenses

Automobile Tax Expenses

If you use a vehicle for conducting business, you can deduct certain automobile tax expenses from your tax bill. This is true even if you use the vehicle for personal and business needs.

The powers that be have historically written sections into the tax code promoting business activities. One of the traditional write-offs has always been the expenses associated with using a vehicle for business purposes.

The simplest automobile tax expense situation is one in which a vehicle is used entirely for business. For example, if you have a van used for a delivery service and nothing personal, all expenses associated with the van can be written off. This is known as the exclusive use situation. For many small businesses, however, a vehicle will be used for both personal and business reasons.

Where you use a vehicle for both personal and business reasons, you can only deduct the automobile expenses associated with the business use. Keep in mind that driving to and from work is not considered business mileage, while driving from an office to meet a client is considered business mileage.

There are two methods for determining deductible automobile tax expenses. The first is a simple calculation known as the standard mileage deduction. The second is the actual expenses method. You can choose whichever deduction provides you with the biggest deduction unless you lease the car. With a lease, you must use the standard mileage deduction.

The standard mileage rate deduction is a calculation wherein you multiply your total business mileage for the year by a figure provided by the IRS. For the first eight months of 2005, the figure provided by the IRS is 40.5 cents per mile. For the last four months of 2005, the figure has been bumped up to 48.5 cents to reflect high gas prices.

The actual cost expense option is exactly what it sounds like. It is the actual cost associated with using the vehicle for tax purposes for a particular tax year. Automo...

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