Cars and TAXES: loans, refunds, rebates and credits…
YOU don’t have to be reminded it’s tax season, yet do you know how buying, selling or servicing you car affects your tax return?
Tax credits and deductions can change your tax liability in many ways, but if you don”t tell your tax preparer or do it yourself with a store bought or online program, you may be missing the boat on some huge savings. 2010–This year the mileage allowance is 50 cents per mile for business miles driven 16.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. You MAY BE able to earn tax credits for purchasing a diesel or hybrid vehicle, but the make and model will depend on how much. Some states, ARIZONA for instance, offered a state income tax credit for a hybrid vehicle if purchased before June 30th. Business owners purchasing a truck or large SUV (RAM, Range Rover-Hummer) weighing over 6000 lbs. may be eligible for the SEC 179 deduction, which allows business to deduct up to $125,000., in capital equipment purchases. Leasing these vehicles does NOT count. However, they can be USED, within the guidelines. Your vehicle registration is tax deductible, and in some states the SALES TAX on the purchase of the car or truck may also be deductible, IF YOU ITEMIZE! TAX Anticipation Loans = IF you are planning to purchase a vehicle with your tax refund, but need the DOWN PAYMENT now, BE CAREFUL of companies offering instant refunds. These are basically ADVANCE loans and they charge as much as 1/3rd of your refund as FEES. Since all tax preparers charging for their service are required to e-FILE this year. YOU COULD save a bunch OF MONEY IF YOU JUST WAIT THE WEEK TO GET THE REFUND DEPOSITED INTO YOUR BANK ACCOUNT. Matching tax refund rebateoffers, WATCH OUT, another tactic being advertised by is the “we will match your refund NOW”, in which you show them your tax return and they credit you this amount off the car and allegedly “match” it. However, the reality is, you are financing that money in the car’s selling price. REBATES, you have already paid the tax on the factory rebate in your car deal. Do not count rebates or CASH back as income on your tax filing. If you have other car related tax questions do not hesitate to contact me at sarahlee@mycarlady.com,mvides422@gmail.com,carlady@cox.net IMAGINE payments as low as $200.00 a month OAC. Dealers and Private sellers use MYCARLADY’S Sarah Lee to help make YOUR car buying process easy by offering special prices to her clients and great trade-in values along with a No Hassle, No Haggle dealing. If you need financing, I can help. So take a look at this sweet ride and call me today to arrange a test drive at your convenience. 702-788-3868 USED CAR AUTO PRODUCT WARRANTIES Available up to another 100k miles and 5 years for under $1500.00 call 702-788-3868 or email me sarahlee@mycarlady.com,mvides422@gmail.com,carlady@cox.net for more info. WANT to see some other great MYCARLADY deals? CLICK HERE DON’T SEE WHAT YOU ARE LOOKING FOR… CALL me or email me and let me know and I’ll keep an eye out for you… sarahlee@mycarlady.com,mvides422@gmail.com,carlady@cox.net If you need any car buying, selling, trading or financing assistance on any new or used vehicle, please do not hesitate to email me at sarahlee@mycarlady.com,mvides422@gmail.com,carlady@cox.net or give me a call; 702-521-7546 I’m here to help you with any of your automotive needs and advice is ALWAYS free. Sarah Lee is an automotive executive with 22+ years of experience. She writes about Cars, and is a staunch consumer advocate on car related subjects. Her company: MY CARLADY is a personal car consultant service committed to helping you buy your next car and understand how to get the best deal on your next new or pre-owned vehicle. You can reach her at sarahlee@mycarlady.com,mvides422@gmail.com,carlady@cox.net FOLLOW ME on TWITTER: www.twitter.com/mycarlady FACEBOOK: www.facebook.com/mycarlady-sarahlee SUBSCRIBE to my newsletter and get sneak peaks, freebies and great offers you will never find anywhere else! sarahlee@mycarlady.com,mvides422@gmail.com,carlady@cox.net SUBSCRIBE in reply line.
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