About this Course
Topics covered include:
Expenses and deductions available for business use of vehicles;
Depreciation;
Leased vehicles;
Dollar Limits;
Standard mileage rate;
Reimbursement and deductions for business use of a personal vehicle;
Substantiation requirements;
Recordkeeping requirements;
Personal use of a business vehicle;
Valuation rules;
Tax breaks for purchasing a personal vehicle;
Donating a vehicle to charity.
Upon completing this course, you should be able to:
Describe the limitations on deducting depreciation for business vehicles;
Identify the situations in which personal use of a vehicle is tax deductible;
Explain the tax incentives for purchasing certain types of vehicles.