We all want to save money on our taxes. If you are self-employed here’s a strategy to increase your deductions:
If you drive only one car for business then you can only get up to 100% of those costs as a deduction HOWEVER, if you drive two cars for business you can take advantage of a higher deductions and here’s how…
Potentially you can increase your deductions by using the same mileage you drive on an annual basis when you split it between two cars. You increase your deduction calculations by covering a portion of both cars cost, insurance, repairs, licenses, and other maintenance fees. The extra deductions can be over $2000 per year. Now calculate that deduction over the course of the years you are in business and it can add up to a huge amount. This is just one way to creatively transfer an already existing expense into a deduction.
Of course this only works when you are converting a personal asset to business use. There would be no advantage to purchasing a vehicle just for the extra deduction.
One disadvantage to using two cars in a business is that you must keep track of your mileage on a daily basis.
For more information on how to increase your deductions contact Meira Findel, The Holistic Accountant, at 973-699-2122, email: Meira@OneStepAccounting.Net, www.onestepaccounting.net
Accountant, Meira Findel, has developed a unique approach to managing money in small businesses, startups and personal finance. She takes a holistic approach to money. By looking at a client’s complete financial picture she strives to improve their lives as well as their businesses. Services include all bookkeeping, accounting and tax reporting functions as well as a wide array of consulting services such as income diversification, business and personal financial coaching, office organization, office staffing, marketing, advertising and more…
Are you losing time and money? Are your business and personal finances as organized as you want them to be? – they could be…. Call Meira Findel.
Email: Meira@OneStepAccounting.net Website: www.onestepaccounting.net
A Single Mother and Accountant Aims to Create a New Revolution for Independence: The Freedom to Think and Grow Rich One Thought and One Step at a Time.
Meira Findel has a vision and is taking action to revolutionize the way we all think about abundance, prosperity and wealth so we can become liberated financially from the "old world" thinking.
She has a dream that her 15-year-old daughter, and every one of us, can discover a world where we all are mentally, emotionally and spiritually free to create long term financial independence and freedom, a dream of active liberation from the tyranny of a widespread poverty consciousness.
Meira Findel, an East Brunswick New Jersey professional services provider and former CFO of a large mortgage business, now known as "The Holistic Accountant" and founder of the CHAI Center for Holistic Awareness and Integration, realized through her work with many diverse clients that "Financial Independence" is about much more than the proper handling of financial matters.
" We are talking about deep seated beliefs that people hold about wealth creation in their business lives and in their personal lives. In order for me to assist people to really attain the goals they desire, it inevitably comes down to how they think, feel and react to the energy and issues around money", shares Ms. Findel.
Across the nation there is a growing thirst among business owners and individuals alike to discover just what it is that creates sustained financial success.
Meira gives teleseminars, works with business owners and individuals across the country.
Meira Findel
973-699-2122
MEIRA@onestepaccounting.net