Business Tax Recovery Logo


Tax Deduction Consulting: Automobile Tax Expenses Henderson 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.

Corey Zimet
10620 So. Highlands Pkwy
LAs Vegas, NV
Company
Company: CBZ Retirement Solutions,LLC
Service
Asset Protection Strategies & Planning,Individual Income Tax Planning,High Yield Bank Accounts,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Health Care Insurance,Retirement Planning,Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Business Income Tax Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Disability Insurance,Annuities,Annuity Ideas & Strategy Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Pla

Data Provided by:
Ovist & Howard, CPAs
(702) 456-1300
7 Commerce Center Dr Ste
Henderson, NV
 
Mc Connell Tax Svc
(702) 564-2602
101 W Atlantic Ave
Henderson, NV

Data Provided by:
Instant Tax Svc
(702) 823-4637
834 S Boulder Hwy
Henderson, NV

Data Provided by:
Servitax Inc
(702) 458-3939
4545 E Tropicana Ave Ste 9
Las Vegas, NV

Data Provided by:
ACL TAX SERVICES
(702) 331-9157
325 N GIBSON ROAD
HENDERSON, NV
 
L. A. Salo, CPA, Ltd.
(702) 898-1280
2625 Wigwam Pkwy Ste 106
Henderson, NV
 
Garrett Cooper Associates, Inc.
(702) 719-1560
320 S Boulder Hwy Ste 105-106
Henderson, NV
 
Liberty Tax Service
(866) 871-1040
3035 E Tropicana Ave # A1
Las Vegas, NV

Data Provided by:
Thomson & Associates
(702) 731-2000
2675 E Flamingo Rd Ste
Las Vegas, NV
 
Data Provided by:

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...

Click here to read the rest of this article from BusinessTaxRecovery.com