Video Tip: Tax Ramifications of Disposing of an Old Vehicle
Watch this video for a quick overview of what you can do with your old car and how that will affect your taxes.
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Automotives
Tax Central
Tax Ramifications of Disposing of a Vehicle
If you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some of which have tax implications and some
Congress Green-Lights Some Alternative Vehicle Credits
To encourage U.S. taxpayers to move away from gasoline-powered motor vehicles, over the years, Congress has provided various tax credits for purchasing electric
Tax Central
Electric Vehicle Credit on the Decline
Back in 2009 Congress created a tax credit for the purchase of electric vehicles as a stimulus for car companies to manufacture “green” vehicles and
For Business
Increased Business-Vehicle Deductions Due to Tax Reform
The Tax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Be
Tax Central
Some Electric Vehicle Credits Are Phasing Out!
The IRS recently announced that the tax credit for purchasing the popular Tesla is being phased out and that the credit will drop to $3,750 after December 31, 2
For Business
2019 Standard Mileage Rates Announced
Stay updated on 2019 standard mileage rates for business, medical, and moving purposes. Learn how to apply these rates to your taxes.
Big Changes for Vehicle Tax Deductions
In the past, the business use of a vehicle was determined either by using the standard mileage rate for business or using actual expenses plus vehicle depreciat
Do You Use Your Vehicle for Business Purposes?
The IRS standard mileage rate for 2018 increased to 54.5 cents per mile.
2018 Standard Mileage Rates Announced
As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2018 optional standard mileage rates used to calculate the deduct