Lower Your Taxes - BIG TIME! 2023-2024: Small Business Wealth Building and Tax Reduction Secrets from an IRS Insider, 9th Edition

5

How to Turn Your Car into a Tax-Deductible Goldmine

This is the season of the year when we discover that we owe most of our success to Uncle Sam.

—Wall Street Journal (referring to the period from January to April)

Chapter Overview

•   Find out why using two or more cars in business will maximize your deductions.

•   Learn why the IRS method of deducting car expenses is generally a bad deal (with one exception).

•   Learn when buying or leasing a car is better.

•   Know which vehicles can give as much as eight times the normal automobile deduction.

•   Learn about some frequently overlooked automotive deductions.

•   Learn when it is better to either sell a car or to trade one in.

•   Understand why donating a business car is a tax disaster ...