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Personal Finance

We are dedicated to keeping clients abreast of the latest developments and tax-saving strategies. This section includes a library of hundreds of timely articles about business, taxes, finances, trends and the like. The articles are categorized by subject matter, which can be accessed from the links. Click on your topic of interest and find a wealth of information.

AUTOMOTIVE

This section is provided to assist clients in making informed financial decisions when buying, selling or leasing vehicles. Being knowledgeable before shopping can help save those hard-earned dollars.

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Buying, Selling or Leasing a Car
This is provided to assist clients in making informed financial decisions when buying, selling or leasing vehicles. Being knowledgeable before shopping can help save those hard-earned dollars. This page is organized in logical steps to help you prepare yourself.

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Special Rules for Car Donations
Congress has imposed tough rules that substantially limit the deduction for this charitable donation.

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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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Looking for Business Tax Deductions? Look No Further Than Your Business Vehicle!
With all the recent changes in the tax laws and regulations, the options for deducting the business use of a vehicle are both numerous and generous. In fact, there are so many options that some can easily be overlooked. Note: When a vehicle is used both for personal and business use, the expenses must be prorated based on miles driven for each purpose.

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Luxury Car Rules May Limit Vehicle Write-Offs
Unfortunately, if you deduct actual expenses for business use of your car, you probably find your write-offs for depreciation restricted due to so-called luxury car limitations. And most cars (including trucks or vans) fit the IRS definition of a "luxury vehicle," regardless of their cost. If a vehicle is four-wheeled, used mostly on public roads, and has an unloaded gross weight of no more than 6,000 pounds, the car is considered a "luxury vehicle."

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Tax Breaks for Qualified Plug-in Electric Vehicles
Current tax law provides for two separate credits for qualified plug-in electric vehicles. One provides a tax credit for the purchase of electric cars, and another to provide credit for low-speed or two- or three-wheeled vehicles commonly referred to as neighborhood vehicles.

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