IR-2007-151, August 28, 2007 WASHINGTON — The Internal Revenue Service announced that purchasers of American Honda Motor Company, Inc., qualified vehicles may continue to claim the Alternative Motor Vehicle Credit. The announcement comes after the IRS concluded its quarterly review of the number of hybrid vehicles sold. Honda sold 6,518 qualifying vehicles to retail dealers […]
Category Archives: Auto Expenses
IR-2007-156 WASHINGTON — The Internal Revenue Service has acknowledged the certification by General Motors Corp. that two of its Model Year 2008 vehicles meet the requirements of the Alternative Motor Vehicle Credit as qualified hybrid motor vehicles. The credit amount for the certified 2008 model year hybrid vehicles are: Chevrolet Malibu hybrid — $1,300 Saturn […]
Today TaxMama hears from Natasha in Florida who has a great idea.buy canada vardenafil online http://healthinschools.org/wp-content/languages/new/canada/vardenafil.html no prescription “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.buy diflucan […]
Today TaxMama hears from Tanya in the Tax Parlor who says, “I am filing a schedule C, where all the income comes from one 1099 (one client). My only driving was to and from the client’s office (essentially commuting) and there is no home office. Will this be qualified business mileage/use?” Hi Tanya, I don’t […]
Today TaxMama hears from Don in Florida with a question you’ll like, “ if I have signs made for my car or boat that are physically placed on the vehicles, is just the cost of the sign deductible? Or can you make 100% of your miles/vehicle usage deductible as business miles, since your car/boat is […]
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 […]
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 […]
Today TaxMama hears from Ken who asks. “My wife was in a small fender bender that we did not report to the insurance company. We paid for the repair ourselves ($2000). Is this deductible on my tax return?”
Today TaxMama hears from Ruth in Washington state who tells us, “I’ve just registered a vehicle in WA state after moving from AZ. They require out of state registrants to pay a “use/sales tax” on motorhomes. Mine was almost $3,000. Will I be able to deduct this from IRS taxes?”
Today TaxMama hears from Bob in North Carolina who is envious, “I have a couple of friends with company cars that they drive everywhere – on business trips or family trips – both. The company pays all the costs for the vehicle (including gas)! One friend pays only $100 per month for this pleasure. Since […]
Today TaxMama hears from Bobbie in Highland Park, IL who asks, “Should you finance, lease or buy a car with cash?”
Today TaxMama hears from Noe in Texas, who wants to know. “Why should taxpayers avoid companies that prepare tax returns free of charge on the condition that the customer uses their refund as a down payment on a car or that offers them the refund as a loan like that? How they can do better?”