Business Vehicle

Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

Business Expenses, Business Meals and Entertainment, Business Vehicle, IRS Audit, Tax Code, US Tax Court, Vehicle Expenses / Douglas Freeman

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]

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Buying a new business vehicle? A heavy SUV is a tax-smart choice

Business Deductions, Business Equipment, Business Expenses, Business Vehicle, Depreciation, Depreciation Deduction (Section 179), Vechicle / Douglas Freeman

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes. Depreciation rules. Business cars are

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