Tag Archives: Car

Bonus Depreciation

   Today TaxMama hears from Scott in the TaxQuips Forum with this question.  “How long would you have to keep a business vehicle to take advantage of bonus depreciation deductions? What if I sold a new business use vehicle after three years, are there penalties?

Sec 179 for 2 Cars

Today TaxMama hears from Pam in the TaxQuips Forum, with a good question. “1 purchased 1 new vehicle in 2010 that is used for both of my businesses (Sch C). How do I allocate the new vehicle Sec 179 deprecation expense to both businesses?”

2010 Sales Tax

Today TaxMama hears from Brian in the TaxQuips Forum with a good question.  “I bought a new 2010 personal car in 2010. Is the car sales tax deductible on 2010 taxes?”

Free Electric Cars

Last week, I got a note from a CPA asking me if I knew anything about getting an electric car for free. She said one of her clients had just ordered a free golf cart-type vehicle from www.freeelectriccar.com  . And they had asked her about it after buying it – not before. So, I went […]

IRS Reminds Car Shoppers about 2009 Tax Break

WASHINGTON — The Internal Revenue Service today reminds individual taxpayers who are considering buying a new car that they have until Dec. 31 to take advantage of a tax break that may not be around in 2010. Taxpayers who buy a qualifying new motor vehicle this year after Feb. 16 can deduct the state or […]

If My Body Were a Car

If my body were a car, this is the time I would be thinking about trading it in for a newer model. I’ve got bumps and dents and scratches in my finish and my paint job is getting a little dull … But that’s not the worst of it. My headlights are out of focus […]

Advertising On Your Car

Today TaxMama hears from Natasha in Florida who has a great idea. “Do you know if there are any tax benefits for using your vehicle as advertising? We may purchase a hybrid for our sales related business and plan on wrapping the entire car in our logo etc. “

Corporate Commuting Car

Today TaxMama hears from George in Brooklyn, NY who asks. “If a corporation gives an individual a car to use for commuting purposes, what amount gets reported on the individual tax return and how does the corporation report it on their side? Is the income subject to Social Security taxes for the employee?” ~~~~ Dear […]

Auto Expenses

Today TaxMama hears from Lynn in Indiana, who says “I have 2 cars, a Corvette with a $537 per month lease payment and a Ford Escort that’s all paid off. If I work at 2 offices as an independent contractor, do I have to travel to both in one day to write off mileage? How […]