Friday, February 12th, 2010
I was watching TV and on a Subaru commercial I think, it said they’re giving away free gas for the entire summer, and on another commercial it said they’re giving away gas for $2.99. How does this work???
Well, a couple of things. They cap the annual mileage use for the car you buy at 12,000 miles or something. And, I hear they cap the gallon-per-year limit, too. So you can’t just buy as much gas as you want in three years. So it’s kind of like a manufacturer’s rebate in the form of gas.
Technorati Tags: Cap, Car Buy, Car Companies, Mileage, new cars, Sale Cars, Subaru, Subaru Commercial, Tv Commercial, Watching Tv
Posted in new cars sale | 7 Comments »
Tuesday, November 10th, 2009
My wife and I purchased a new car in 2006. The car is used for both personal use, and for use in my business. Can I deduct anything on my taxes in regards to the purchase of this car? Would I be listing the car as a business asset?
Yes, you can. However, the IRS only allows you to take pieces over time. You’ll need to look into the instructions for depreciation or form 4562.
Most cars are subject to the luxury auto limits meaning there is a cap as to how much you can deduct as depreciation expense each year. For someone that has never dealt with this before, it can seem very complicated. Now might be a good time to hire a CPA to handle your return. Part of the cost (for the CPA) is also deductible as a business expense!
Technorati Tags: Business Asset, Business Expense, Cap, cars, Cpa, Depreciation Expense, Form 4562, Good Time, Irs, Luxury Auto, New Business, New Car Purchase, Personal Use, Taxes
Posted in new car | 1 Comment »
