wrote:
>
> Thanks for the disapointing information. lol. should have known
> 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]
> >
>
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