that was to good to be true.
Erilyn Littlefield RN
www.detoxnurse.com
www.mymoneyplan.info
www.learntoadvertisefree.com
--- In entrepreneursathome@yahoogroups.com, faithfulfamilyoutlet@...
wrote:
>
> Erilyn,
> A magnetic car sign does not make your car a business tax
deduction. The IRS is very clear about this (disclaimer: this is
not to be construed as tax advice please seek professional help from
an appropriate attorney or accountant). My understanding of this
deduction is the vehicle has to be permanently altered to be used in
your business to qualify for a 100% business deduction - and the
examples they use is a delivery van with shelfs added and vehicles
with "painted on signs." And in the past they have singled out the
magnetic sign purposely as not a qualifying example.
> It is easy to track the mileage you use for your business for pick
ups or deliveries and that mileage is totally deductible (something
like $0.45 or $0.55 / mile). Or you can keep track of all your
vehicle expenses like insurance, loan payments, plates, gas,
maintenance, etc. and deduct the mileage percentage you used of that
vehicle for business (an example would be if you used your vehicle
for 10% business - then 10% of all the expenses are deductible) - or
you can take the mileage deductions (which for us has always been
higher).
> The cost of the sign is deductible and as far as advertising goes -
you do have a captive audience at traffic lights. One last thing
to check on - make sure your auto-insurance company knows you use
your vehicle for your business. This can void your policy if for
instance your vehicle was damaged while using for your business.
> I hope this helps, God Bless, Ed R.
>
> [Non-text portions of this message have been removed]
>
Need help? Contact Vickie at vics4us@yahoo.com .
http://www.educatingforsuccess.com .
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