Get Your Maximum Business Automobile Deductions

We all want to save money on our taxes. If you are self-employed here’s a strategy to increase your deductions:

If you drive only one car for business then you can only get up to 100% of those costs as a deductio
HOWEVER, if you drive two cars for business you can take advantage of a higher deductions and here’s how…

Potentially you can increase your deductions by using the same mileage you drive on an annual basis when you split it between two cars. You increase your deduction calculations by covering a portion of both cars cost, insurance, repairs, licenses, and other maintenance fees. The extra deductions can be over $2000 per year. Now calculate that deduction over the course of the years you are in business and it can add up to a huge amount. This is just one way to creatively transfer an already existing expense into a deduction.

Of course this only works when you are converting a personal asset to business use. There would be no advantage to purchasing a vehicle just for the extra deduction.

One disadvantage to using two cars in a business is that you must keep track of your mileage on a daily basis.

For more information on how to increase your deductions contact Meira Findel, The Holistic Accountant, at 973-699-2122, email: Meira@OneStepAccounting.Net, www.onestepaccounting.net

Accountant, Meira Findel, has developed a unique approach to managing money in small businesses, startups and personal finance. She takes a holistic approach to money. By looking at a client’s complete financial picture she strives to improve their lives as well as their businesses. Services include all bookkeeping, accounting and tax reporting functions as well as a wide array of consulting services such as income diversification, business and personal financial coaching, office organization, office staffing, marketing, advertising and more…
Are you losing time and money? Are your business and personal finances as organized as you want them to be? – they could be…. Call Meira Findel.

Email: Meira@OneStepAccounting.net Website: www.onestepaccounting.netn