It’s time to examine your existing cars, SUVs, trucks, and vans for some profitable year-end business tax deductions. And with today’s top federal income tax bracket at a whopping 43.4 percent, you might need a good-sized bucket to catch the cash you are going to receive.
The beauty of business tax deductions with your existing cars, SUVs, trucks, and vans is that the deductions reduce both your regular income tax and the dreaded alternative minimum tax (AMT). Even better: since you are the owner-operator of your business, your business tax deductions bypass the passive loss rules.
Think of year-end business tax deductions as money sitting on the table waiting for you to take it. To see if you can cash in, examine the actions described in this article and see if they fit your situation.
As with all year-end strategies, don’t wait! You need to complete your action before midnight, December 31, 2016. ... Log in to view full article.