tax deduction for vehicle

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More Topics . . 2010 update: Pub. 919 no longer contains Worksheet 10. Eligible taxpayers may use , Standard Deduction for Certain Filers, to figure their new motor vehicle sales tax deduction.

To be deductible, the tax must be imposed on you and must have been paid during your tax year. However, tables are available to determine your state and local general sales tax amount. Refer to for more information. Taxes may be claimed only as an itemized deduction on . (PDF). The following amounts are also deductible: Any prior year's state or local income tax you paid during the year. Generally, you can take either a deduction or a tax credit for foreign income taxes imposed on you by a foreign country or a United States possession.

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    • Tax Planning: U.S.Free Tax Planning: U.S. Newsletter!, About.com Guidecharitable service. In these circumstances, you'll be able to deduct the cost of operating your car or truck. The amount of your deduction is based on the number of miles you've spent driving for the tax-deductible purpose. In lieu of calculating your actual car expenses, you can opt for a standard mileage rate. Business purpose involves driving from your place of employment to another work site, to meet with a client, or going to a business meeting. Commuting from your home to the office doesn't count as a business purpose. However, if you have an office in your home, then traveling from your home office to meet with a client or conduct business is tax-deductible.

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    • Top Tax Deductions for Your Small Business | Nolo.comUsing these tax deductions for your small business can save you money. your business can legitimately take, the lower its taxable profit will be. Also, in addition to putting more money into your pocket at the end of the year, the tax code provisions that govern deductions can also yield a personal benefit: a nice car to drive at a small cost, or a combination business trip and vacation. It all depends on paying careful attention to IRS rules on just what is -- and isn't -- deductible.When you're totaling up your business's expenses at the end of the year, don't overlook these important business tax deductions.1. Auto ExpensesIf you use your car for business, or your business owns its own vehicle, you can deduct some of the costs of keeping it on the road. Mastering the rules of car expense deductions can be tricky, but well worth your while.

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    • This page is an effort to make available to donors all of the information about tax deductions and tax benefits in an understandable format. Accidents, Injuries, Fires, Disasters, Child Abuse ... ...Can Permanently Affect A Child.Some Care and a Teddy Bear Can Prevent This. Message from a Fire Dept. Lieutenant: "I just wanted to say "Thank you" to everyone that donates to this cause and to all of the people that work for this cause. We just received more teddy bears and we can't say enough about all of you. "I gave a teddy bear to a 12 year old girl who was in a car accident. She took if from me, smiled with a tear on her cheek, and hugged it.

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    Find out how improved fuel economy lowers your fuel cost.Vehicles produce about half of the greenhouse gases from a typical U.S. household.We can help you calculate and track your fuel economy.Learn about vehicles and technologies that are pushing the fuel efficiency envelope.Only about 14%–26% of the energy from the fuel you put in your tank gets used to move your car down the road.Only includes tax credits for non-plug-in hybrids.

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    Search Bankrate.com • Bankrate.comOne year ago, you could have driven your new three-ton, business-use SUV through a little-known tax loophole and written off the entire purchase price in the first year.But Congress has tightened that controversial loophole for high-end luxury SUVs, though many of the rank-and-file heavyweights will still breeze through with the same 100-percent write-off in the year of purchase.

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    Tax lawyer's explanation of IRS tax deductions for automobiles. Copyright 1996, Marc S. Weissman This Report is designed to be of general interest.

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    View Cars.com mobile options When you donate a car you may deduct the fair market value when filing your taxes. You can determine this value using tools like Cars.com's The actual amount you are able to deduct is dependent on what the charity does with the donated vehicle.

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