IRS Issues New 2022 Rules for Passenger Car Depreciation The IRS has provided updated tables containing: 1. Depreciation deduction limits for passenger automobiles placed in service in 2022, and 2. Dollar amounts that must be used to determine the annual income...
Innovative Strategies For Winning Tax Controversies, Business Structuring And Estate Planning
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Company Car – great tax benefit!
The use of a company car is a valuable fringe benefit for business owners and key employees. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) For tax deduction purposes, a business will treat the car much the same way it would any other business asset. Providing an auto for an owner or key employee comes with complications and paperwork. Personal use will have to be tracked and valued under the fringe benefit tax rules and treated as income. We can help you stay in compliance with the rules and explain more about this prized perk.
Mileage deduction decreases to $.575 per mile
CENTS-PER-MILE RATE FOR BUSINESS MILES DECREASES SLIGHTLY FOR 2020 This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might...
Company Automobile – a great benefit!
THE TAX IMPLICATIONS OF A COMPANY CAR The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars....
SHould you Buy a Business Vehicle THis Year?
SHOULD YOU BUY A BUSINESS VEHICLE BEFORE YEAR END? One way to reduce your 2017 tax bill is to buy a business vehicle before year end. But don’t make a purchase without first looking at what your 2017 deduction would be and whether tax reform legislation could affect...
