http://smallbusiness.blogs.cnnmoney.cnn.com/2008/10/29/how-much-of-my-car-is-deductible/ Editors from FSB magazine answer your pressing small-business questions. Thu, 05 Nov 2009 16:07:19 +0000 http://wordpress.com/ hourly 1 http://smallbusiness.blogs.cnnmoney.cnn.com/2008/10/29/how-much-of-my-car-is-deductible/#comment-1915 Edna W, Hamtramck, MI Thu, 23 Jul 2009 01:20:39 +0000 http://askfsb.wordpress.com/?p=738#comment-1915 This is an excellent answer to the question. Enough detail is given for one to figure which method is best for them. I think one important note is the option of donating the vehicle. I think that option is not used nearly enough. This is an excellent answer to the question. Enough detail is given for one to figure which method is best for them. I think one important note is the option of donating the vehicle. I think that option is not used nearly enough.

]]> http://smallbusiness.blogs.cnnmoney.cnn.com/2008/10/29/how-much-of-my-car-is-deductible/#comment-1036 Patrick, Alpharetta Georgia Fri, 31 Oct 2008 17:18:22 +0000 http://askfsb.wordpress.com/?p=738#comment-1036 About 3 yeaes ago, I made a decision that since we have 2 vehicles in my family, I only use one of my vehicles for business and the other for personal use. While it takes some coordination on occasion, it it a great deal less problamatic come tax time for record keeping to determine what I can & cannot write off. I do keep a log in case the IRS asks about it. About 3 yeaes ago, I made a decision that since we have 2 vehicles in my family, I only use one of my vehicles for business and the other for personal use. While it takes some coordination on occasion, it it a great deal less problamatic come tax time for record keeping to determine what I can & cannot write off. I do keep a log in case the IRS asks about it.

]]> http://smallbusiness.blogs.cnnmoney.cnn.com/2008/10/29/how-much-of-my-car-is-deductible/#comment-1034 Megan, Philadelphia, PA Thu, 30 Oct 2008 17:48:03 +0000 http://askfsb.wordpress.com/?p=738#comment-1034 The wording is a little confusing, but the article appears to mean that you can use either method while leasing, but cannot switch between the two during a lease (i.e. if you use the standard mileage the first year of your lease, you must use it for as long as you lease that car) The wording is a little confusing, but the article appears to mean that you can use either method while leasing, but cannot switch between the two during a lease (i.e. if you use the standard mileage the first year of your lease, you must use it for as long as you lease that car)

]]> http://smallbusiness.blogs.cnnmoney.cnn.com/2008/10/29/how-much-of-my-car-is-deductible/#comment-1027 Brian, Chesapeake Beach, MD Wed, 29 Oct 2008 17:55:16 +0000 http://askfsb.wordpress.com/?p=738#comment-1027 I believe the comment about only using the Standard rate for leases is false. I'm leasing and using the actual method. Everything I've ever read said that this is legal and acceptable. Please review and comment further. I believe the comment about only using the Standard rate for leases is false. I'm leasing and using the actual method. Everything I've ever read said that this is legal and acceptable. Please review and comment further.

]]> http://smallbusiness.blogs.cnnmoney.cnn.com/2008/10/29/how-much-of-my-car-is-deductible/#comment-1023 Mike, Milwaukee, WI Wed, 29 Oct 2008 14:09:02 +0000 http://askfsb.wordpress.com/?p=738#comment-1023 FYI, the standard mileage deduction for 2008 was 50.5 cents/mile through June 30th. Since then, the rate has been 58.5 cents/mile. FYI, the standard mileage deduction for 2008 was 50.5 cents/mile through June 30th. Since then, the rate has been 58.5 cents/mile.

]]>