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 Why are people freaking out over this stimulus check? |
It's money they normally would not have so why are people foaming at the mouth because it has not arrived in there mail boxes yet?
Just calm down!!!
Additional Details
This ... |
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 Can anyone give me ONE GOOD reason why we should EVER INCREASE our income tax rate? |
Additional Details
The answer is simple...
We should ONLY LOWER the income tax rate. Time after time, it has been shown that decreasing taxes has only increased our tax ... |
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silversurfer_444 | Can I deduct my car down payment and following payments if the car is used mainly for work? |
My company requires a car in good condition as a condition to be employed. Can I deduct my down payment and montly payments from my taxes? |
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Rene F
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If you are using your car for business purposes, you can deduct the usage in one of two ways: actual expenses or standard mileage. With the standard mileage method, you record the miles driven for business purposes multiplied by the standard business mileage rate for the year on your tax return. The standard mileage rate encompasses depreciation, fuel, repairs, wear & tear on the vehicles. The actual expenses method allows you to take depreciation on the purchase price of the vehicle along with the interest paid on the loan, fuel, repairs expense, etc. However, you must keep a record of these expenses. Many times, the standard mileage method gives a comparable deduction with the only requirement being a record of the miles driven. |
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Dizney
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If it is a business car, not for commuting, 2106 is the form you use to list the expenses. Gas, tires, repairs & other auto is reported. Down payment, no. Mileage is also deductible |
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1dayatatime
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The following is the link to page of the IRS site listing deductions you may take related to your car for work. |
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Ron G
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I believe you can deduct for milage that you drive during the course of your job. You will have to keep a log. |
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Donny
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You can take expenses associated with using your car for business such as interest, depreciation, gas, etc. OR .445 cents per mile. For many smaller cars the .445 gives you a larger deduction. You must keep writen records either way, so sharpen your pencil and go to work. Take the larger of the two.
NO you can't deduct the down payment or monthly payment. That expense is calculated from depreciation and interest that you pay on your loan (if any). The .445 cents for milage also takes payments into consideration along with gas, etc. so again, you still can not deduct them. |
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Naamah Thunderbird, turky kooker
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If you are using your car on a daliy basis, while you are clocked in at work, then you can deduct your mileage (you can deduct wear and tear, depreciated value - if it's paid off - and other expenses, but it's milage or the other, not both). you can not deduct your travel to or from work unless you live a certain number of miles away from your job. It is more cost effective for you to claim your mileage than the actual expenses. at this minute, the federal amount is .485 cents per mile... it averaes very well if you do any kind of driving. As for deducting your payments, you can't deduct enough to really make a difference (again, mileage is more cost effective), and your car insurance you have to carry by law anyway, so you can't deduct it. The best way to do it, is to contact a tax advisor or accountant in your area, and they will be able to tell you exactly what you can and can't deduct.
Our company reimburses us the amount we drive based on the federal amount at that time, and then the company deducts the costs that they can deduct, it makes our taxes much easier.
hope that helps, good luck!!!! |
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rainbowtabby
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there are ways to deduct car expenses. I used to be an independent contractor that filed 1099 form. I was able to deduct and depreciate. HOWEVER, I also made sure through my accountant that the deductions were legal. Check with an accountant before you just start deducting any expenses. If you make an error the error(s) could be costly in penalties. |
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May I help You?
|
www.IRS.gov
forms, schedules, instructions - and search section
Questions:
Do you receive any reimbursement for your expenses from your employer?
Do you have that requirement in writing - the IRS will need that?
Do you take clients in your car?
You may not deduct personal car expenses for commuting - going back and forth to work - ever.
That's why if the company gives you a company car - at least 10% of the expenses are considered personal to you because commuting expenses are not deductible.
GOD bless us always.
CPA-retired |
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jimstock60
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It depends upon if they give you an auto allowance or not. If not you can deduct the IRS mileage allowance for the miles you drive while AT work, but not all your mileage. |
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McDreamy
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yes. prorated amt. |
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Mr. Wizard
 |
Only if the car is purchased by or ownership registered to a legitimate business can you deduct mileage, maintenance and/or fuel costs on your taxes---and that's ONLY if you can provide documentation (billing invoices or purchase receipts) that such costs came out of your pocket, can you even think of submitting such deductions to the IRS.
It's a stretch, but you might can try submitting records where your business company reimbursed you for such expenses and aim for some degree of IRS tax deduction.
We all have heard about the people who gave their car a person's name--complete with a "valid" birth certificate and Social Security Number--and got away with the usual dependent child tax deductions. More likely, such stories are stuff of urban legend.
Who would be so stupid today to try such a thing? However, given the massive human see we share this planet with, I wouldn't be surprised just how far people will go to scam the IRS. |
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Judy1
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You might be able to deduct the cost of the car, but you'd have to depreciate it, not just claim the down payment and the payments. |
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Neil
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Not really, if you used it for work then auto insurance might go up also. Its best to record the miles and gas, then turn them into your manager or Human Resources. Most companies do not like the idea of commute to another office, even commute to another building that is walking distance. |
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sassyntxus
 |
NO!!! This falls in the same catagory as: If you have small kids, the place of employment wants to be assured you have a dependable babysitter. The car has to be leased or purchased by the business. If you use your personal car to make errands, see customers or the like for your job, you can deduct mileage. But just to be sure you have dependable transportaion to work, no. In some states(TX being one) you can take the sales tax off for large purchases such as that. Hope this answers your question. |
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ANN R
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Yes you can claim your car expense if it is used for work by deducting your personal travel from it. You cannot claim to and from work if you do not live out of the area only the travel to get to work if you work outside your area |
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Heinz M
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You can depreciate it and deduct your expenses (unless your company reimburses you for those). |
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birdwatcher
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Publication 17 (2006) Your Federal Income Tax for Individuals
chapter 26
Car Expenses and Other Employee Business Expenses
Car expenses. If you used a car to perform your job as an employee, you may be able to deduct certain car expenses. These are generally figured on Form 2106, Part II, and then claimed on Form 2106, Part I, line 1, Column A. Car expenses using the standard mileage rate can also be figured on Form 2106-EZ by completing Part II and Part I, line 1. |
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pammybear1971
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Check with your company & see how & if u can get deductions & how to go about it |
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rosekm
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You may able to, but if you classify your car as being used for business, you'll have to pay more for insurance/registration/personal property tax. I would carefully examine the tradeoffs before reclassifying your car from personal to business use. |
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bun-bun
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All the dudes out there i have the same problem... I got a shiny head too. I tried herbal treatments, wigs, and surgery nothing worked. I got a new girlfriend, we went to the park for a date. We were on the swings and i was trying the wig. I swung up, and came back down and she looked so afraid! Then i turn around looking for my wig and when i turn back around i see her running on the distance. So if you see a furry brown ball in central park, please return to George Harli. HAHAHAHAAHA im just kidding i have a FULL head of hair! |
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jignesh shah
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proprietary trust company can bye car on name of His CEO and claim depreciation? payment done by company but car on name of Employee. |
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