Toyota Dealers near Charlotte Explore Tax Incentives For Buying a New Toyota

Dec 3, 2012

Tax season is just around the corner and Charlotte Toyota dealers would like you to consider some beneficial tax incentives when buying a new Toyota for your business or job. For instance, if you incur expenses that are not repaid by the company you work for, you may claim them on your income taxes. You may also want to consider that you may be able to claim the miles you drive while keeping medical appointments. Of course, only a tax preparer or accountant can help you explore all the possibilities but your Dealer near Charlotte Toyota want to share the following tips:

Business Expenses – If you are buying your Toyota for the sole purpose of business activities, then the taxes you pay on your Toyota throughout the year can usually be deducted. Check with your accountant or preferred tax professional to see what the guidelines are for vehicle related tax deductions. If you decide to lease your Toyota instead of buying it outright, then the lease payments may also be deducted.

Logging Miles – Keep a company account of all the miles you drive within a year. Keep in mind you have to provide information about where you went, why you went, and how many miles you drove. For instance, if you are a refrigerator repair man that had to travel a certain number of miles to a client’s house to fix a refrigerator those miles may be deductible.

Keep in mind you should categorize your miles. Track business miles separately from miles incurred for medical reasons or for non-business related travel.

Unforeseen Expenses – Keep receipts and expense reports on any additional expenses, such as tolls and fees for using public roads. Also, parking fees and garage fees may also be deducted. If your medical expenses go over 7.5% of your adjusted gross income for the year, you may be able to claim medical expenses, including mileage to and from medical appointments on your income taxes.

Your friends at Toyota near Charlotte want to you remind you to check with your tax preparer or accountant to see if you qualify for these deductions.