You can shoot yourself in the foot when you sell or trade your business vehicle.

It’s really easy to do.

Most business people are not thinking about paying less tax when they are getting rid of the old business car.

Imagine this true story of a business owner who had done very well, trading in his Rolls Royce for a new one every year. When he sold his business for many millions, he gave his Rolls Royce to his secretary and kissed a $900,000 tax deduction good-bye.

When he learned of the missed $900,000 tax deduction, he was really ticked off.

He had a tax lawyer and a CPA helping him on the sale of his business. Neither thought much about the car, and both thought that he understood what his basis meant and that he should know he had a big possible deduction on this ... Log in to view full article.