For every business owner, there comes a time when the old vehicle will no longer suffice. Or, perhaps this is the year that you need a special purpose vehicle such as a delivery truck or van. |
You need to be aware that purchasing certain vehicles may subject you to various excise taxes. The excise taxes may be related to the whole vehicle or only to certain vehicle components (e.g., ... |
There are two types of tax breaks available to purchasers of alternative-fuel vehicles. |
If you use your car, van, or some other type of vehicle in your business, you are entitled to certain tax deductions for expenses incurred in connection with the vehicles. |
If you work out of your home and your home is your principal place of business, you can generally deduct the cost of traveling from home to any business ... |
Commuting expenses may be partially deductible if you have to transport heavy or bulky tools, materials, or equipment to and from your workplace. |
If, like most business owners, you use your vehicle for both business and personal purposes, you must allocate your vehicle costs associated with the business separately from those associated with ... |
If you use your vehicle for business driving, there are two methods that can be used to compute your vehicle expense deduction: |
If you use the standard mileage rate (SMR) method, you calculate the fixed and operating costs of your vehicle by multiplying the number of business miles ... |
When you use the actual cost method of determining your vehicle deduction, you must keep track of the actual amount of your costs during the year to calculate your deductible vehicle expenses. The ... |
