December 9th, 2008 Nina Nichols, CEO
Since my original posting, I’ve been asked a few questions regarding the “auto” write-off that was mentioned in the blog. I’ve asked & received answers from Alicia and posted the Q&A’s below:
Q: “Does the car have to be purchased through a business or can an individual purchase & capture the same write off?”
A: Employees have a tougher threshold. They need to prove the miles were unreimbursed by their employers and for a business purpose – commuting doesn’t count. They also would only be deductible to the extent that they exceed 2% of the employees’ adjusted gross income, and then only if they itemize.
Q: “Does it have to be a brand new car or are there other requirements for the write-off?”
A. It doesn’t have to be a brand new car.
December 1st, 2008 Nina Nichols, CEO
I’ve worked with the same large, well-known CPA firm in Denver for probably a dozen years and every year, I’ve asked what, if anything, I can do reduce my tax exposure. The response was always standard – increase your expenses, buy a home (which I did when I didn’t own one), but that was about it. But this year, I’m working with Alicia Green (www.abcpa.us), whom I’ve know for years. She’s successfully dealt with many different issues, specifically with Quickbooks. She is a true expert and even teaches Quickbooks classes.
This year, she sent out the “year-end tax savings ideas” email below to her clients, which I found to not only be thoughtful, but actually useful, so I wanted to share it with you! Alicia says (reprinted with her permission, of course)…. Read more »