Question: What is the ultimate tax tip when it comes to knowing whether IRS mileage rates or actual expenses are best for me?
Answer: Have someone who knows what they are doing compute it for you.
You put your numbers in our IRS v Actual Analyzer to see what’s best. The Analyzer is part of your subscription, it’s insightful, and it’s easy to use. We do all the computations for you. The links to the 2010 and 2011 Analyzers are at the end of this article.
But first, a few words about the new tax law that extended the Bush tax cuts.
For most assets, including vehicles, 50 percent bonus depreciation was scheduled to expire at the end of 2010. ... Log in to view full article.