What about personal and company cars? technical items to check with you accountant
Article Abstract:
Employee-owned, company cars and leased cars are subject to different tax rules in the US. An automobile has a broad definition, including vans. The cost for private use of a company car by an employee may be split between the company and the employee based on mileage. The use of a company car to travel to work is not tax deductible. Depreciation payments are given if the car is used 50% of the time for business purposes. Luxury cars are subject to special depreciation rules.
Publication Name: The Business Owner
Subject: Business, general
ISSN: 0190-4914
Year: 1993
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Business meals, travel, and company autos: for you, your executives, your employees
Article Abstract:
Business owners must make sure that all their company's expenses on lodging, meals and transportation are itemized and documented. Tax deductible expenses include those spent on business conferences as well as entertainment and sports events. Only half of overall entertainment and meal expenses is tax deductible. Business owners can save more money if they purchase rather than lease their company cars and provide their own transportation to employees.
Publication Name: The Business Owner
Subject: Business, general
ISSN: 0190-4914
Year: 1995
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How to claim the maximum automobile deductions
Article Abstract:
The two methods company executives can use to claim reimbursement from the company or personal tax deductions for using their personal cars for the company are the Standard Mileage Method and the Actual Cost Method. The IRS allows a 31 cents per mile deduction for all business mileage under the standard mileage method. A percentage of the actual auto expenses can be deducted under the actual cost method.
Publication Name: The Business Owner
Subject: Business, general
ISSN: 0190-4914
Year: 1996
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