The IRS Deductions Blog

Archive for the ‘Car Tax Deductions’ Category

Question: Are car smog checks tax deductible in California?

I know that vehicle registration fees are. Do smog checks count too?

Answer: NO !

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Calendar

Deadline for calendar items is two weeks in advance of desired publication date. E-mail information on clubs, lectures, community and religious events, reunions and support groups to drock@pioneerlocal.com or fax to (847) 599-6902.

Question: does the deductible bill for car insurance get sent to your house right away?

got in a fender bender and it was my fault. We exchanged insurance. There’s going to be a $500 dollar deductible.

Will that bill get sent to my house separate from the insurance bill every 6 months?
Or will it be added onto the insurance bill?

My parents went to india and i can’t afford to pay that bill right away

Answer: The deductible applies to any claim for damage to your car.

If you file a claim under your collision coverage. The insurance company will write an estimate for the repairs. Then they subtract $500 from the amount of the estimate. That is the amount they pay you. Then you take the car to the shop to be fixed. When you pick up the car, you give the shop the money the insurance company paid you for the damage plus you $500 Deductible.

The damage to the other person’s car is paid under the liability coverage. There is no deductible for that.

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SquareTrade 3-Year Electronics Warranty ($350-400 Items) $43.99 SquareTrade Care Plans are great value and cost 70% lower on average than traditional warranties.  Upon purchase, you will get an email confirmation.  You will not be mailed a paper contract.  If you have questions, please call: 1.877.WARRANTY….

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Pletschet: Tax time good time to think about IRAs, Roths

With all the hullabaloo over the new tax rules regarding the conversion of a traditional Individual Retirement Account to a Roth IRA — with many accountants and advisers against the idea — let’s not forget that next Thursday (April 15) is the deadline for contributing to either type of

Florida Car Accident Attorney | Why You Must Have Uninsured Motorist Insurance

Question: Car: Leasing better for small business owner?

Does the owner of a small business gain any tax deduction or other financial advantage by leasing a car rather than buying it with cash or through an auto loan?

Answer: If you can pay cash, always pay cash. You might get a better price.

It never EVER makes sense to lease a car. Some might tell you differently, but you can take my answer straight to the bank.

Sure, your payments will be less. But at the end of the lease, guess what? You owe a boatload of money. Basically, you’ve been renting the car.

Tax implications don’t matter, although you can write off a purchased car as easily as a leased one. The bottom line is, do you want a rented fancy car with a small payment, or a nice car that’s paid for?

People get rich by keeping the same car for years. People stay in debt by getting new cars every 3-4 years—-by leasing.

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From Investopedia More>>

Virtually everyone has suffered a loss at one time or another from either a casualty disturbance of some sort, which can be covered by casualty insurance , or outright theft.

No repayments on SMSF car lease

Question: Will auto insurance pay for previously fixed stone chip because it broke again in another accident?

Hi, I had a tiny stone chip on my windshield which was beautifully fixed to the point it could not be even seen. However, I had another car bumped into mine on a parking lot. In addition to a bent fender and bumper, the stone chip gave away and even spread new rays. All because of the lateral force of the impact–even my inside rear view mirror was pivoted.

Insurance company said, since it was not damaged directly because of the accident, and had a previous damage to it, they will not cover that under this claim.

Can I still make them pay under the above claim and not another separate one, where my deductible will kill it anyway.

Thanks!!

Answer: The other carrier IS liable for at least part of the damage to the windshield.

In a best-case scenario, your windshield was properly fixed by a reputable company the first time. They can not claim their driver isn’t responsible for the windshield any more than they could claim they weren’t responsible for damage to a properly repaired bumper. Just because it was damaged once does not mean it’s automatically ineligible for future repair.

In a worst-case scenario, they’re responsible for the EXTRA damage to the windshield. Accept responsibility for the chip, but they’re responsible for all of the cracking. The cracking makes it unusable, so they need to pay to have it replaced, minus a small amount for the existing damage. This principle is called ‘betterment’. They owe you a windshield with a chip in it, since that’s what you had before the accident. Since it’s not legal to put in a windshield with a chip, they put in a new one and make you pay the small amount for the chip that existed, since your new one is ‘better’ than the old one.

My advice, if you don’t feel like fighting with the other driver’s insurance, is to file a ‘glass-only’ claim with your insurance. Most companies offer ‘glass-only’ coverage with a lower deductible, usually $100. Have them replace the windshield and then they can send the bill to the other company in a ’subrogation action’. Your insurer won’t get the short end on this and when they get their money back, they will refund the deductible to you.

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Jamie Court: Thanks Blue Cross, You Gave The Public Its Reason To Reform

The President called for an up or down vote on health care reform, but I can say from my own experience this week working with…

NEW MLM COMPANY – Auto Insurance Savings!

Question: Is the 2009 tax deduction itemized or is it added to the standard deduction?

I purchased a new car and was informed that i could deduct the sales tax. Filed my return but my preparer said that the standard deduction was greater than the sales tax of the vehicle so it didnt make sense to itemized it. I thought this tax deduction was in addition to the standard deduction?

Answer: You won’t get many answers here as the category is Taxes > Canada and this is a US question.

Your preparer is wrong: follow the instructions for form 1040 line 40a and Schedule L.

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Short Cuts for Your Small Busines $2.99 Written for the home-based business owner, not for the tax expert, the tax preparer or the tax attorney. Down to home advice from a licensed tax consultant in Oregon, where tax preparers and tax consultants are tested by the state to be able to work in this field. Answers such questions as should I buy or lease a car? What it takes to have an office in your home and what you can deduct from your i…

Careful analysis required for potential Regs. Sec. 1.752-7 liabilities.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on April 1, 2010. The length of the article is 1143 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Careful analysis required for po…

The AJCA’s domestic business provisions: the American Jobs Creation Act of 2004 (AJCA) is an expansive piece of legislation touching many types of … businesses.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on March 1, 2005. The length of the article is 6329 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle…

Does your business need tax help? Here’s what to avoid

Tax season is here, and deadlines are coming up a lot faster than most of us want to admit. If you’re stressing about income tax returns for your business, here are some helpful tips from the Associated Press.

TaxPlus – Tax Tips “Business Use of Vehicle”