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Deducting Auto Expenses & Luxury
Auto Limits
Will the Interest on Your Vehicle Loan
be Deductible?
Articles
Incorporating
To incorporate or not? Many of our clients consult with us
to determine the best form of ownership for their business.
There are many choices when establishing your own business:
• Sole Proprietor
• LLC
• S-Corporation
• C-Corporation
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Business Plans
Do I Need a Business Plan?
Not everyone who starts and runs a business begins with a
business plan, but it certainly helps to have one. If you
are seeking funding from a venture capitalist, you will certainly
need a comprehensive business plan that is well thought out
and demonstrates sound business reasoning.
If you are approaching a banker for a loan for a start-up
business, your loan officer may suggest a Small Business Administration
(SBA) loan, which will require a business plan. If you have
an existing business and are approaching a bank for capital
to expand the business, they often will not require a business
plan, but they may look more favorably on your application
if you have one.
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Business Responsibilities
Business taxes: Taxes for your employees
• Employee income taxes
As an employer, you are obligated to withhold federal income
taxes from employee wages and pay these to the IRS. How much
you withhold depends on your payroll frequency, size of the
wage payments, number of exemptions claimed by each employee
and their marital status. You must issue each employee a W-4
form for determining withholding exemptions.
•Social Security, Medicare
These taxes must be withheld from employee pay. The current
rates are 6.2 percent for Social Security and 1.45 percent
for Medicare. As an employer, you pay a matching amount --
for totals of 12.4 percent and 2.9 percent.
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Deducting Auto Expenses & Luxury Auto Limits
When you use a vehicle for business purposes, you
can deduct the business portion of the operating expenses
on your business. If you use the car for both business and
personal purposes, you may deduct only the cost of its business
use. You can generally determine the expense for the business
use of your car in one of two ways, the standard mileage rate
method or the actual expense method.
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Will the Interest on Your Vehicle Loan be Deductible?
The answer to that question depends upon whether or not the
vehicle is being used for business purposes, where the expenses
are being deducted, and the type of loan. If the loan is a
consumer loan secured by the vehicle, then the following rules
would apply:
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