Many of us use our personal vehicle for business purposes to one extent or the other. This doesn't seem fair since the added miles can reduce the value of your vehicle and reduce your equity, not to mention other associated costs you might pay for out of pocket. Because of this, the Internal Revenue Service (IRS) allows taxpayers to recover the costs associated with the business use of a vehicle. We'll discuss the two methods of recovering the costs associated with the business use of a vehicle.
Every holiday season we get into the holiday spirit, this means giving not only to our friends and family but to charities as well. Often times these donations are made in a moments notice. This year, however, a little extra planning and organization may help you this upcoming tax season.