Article Date:
March 2013


Word Count:
930

 

 

Test Your Tax IQ: Deducting More than One Business Vehicle


Situation

 

Attorney Mel Practess owns his own law firm and uses his personal car, a $30,000 BMW, for business.

 

He likes the Beamer so much that he buys the same model for the same $30,000 for his wife, Sharpe. Although Mel will take it for a spin on occasion, he never uses his wife’s car for business.

 

By contrast, almost 90 percent of the mileage Mel puts on his own BMW is for business. Of course, he claims deductions for these miles. But Mel is thinking that maybe he should use both cars ... Log in to view full article.

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