Addendum – Tax time is coming!
Since my original posting, I’ve been asked a few questions regarding the “auto” write-off that was mentioned in the blog. I’ve asked & received answers from Alicia and posted the Q&A’s below:
Q: “Does the car have to be purchased through a business or can an individual purchase & capture the same write off?”
A: Employees have a tougher threshold. They need to prove the miles were unreimbursed by their employers and for a business purpose – commuting doesn’t count. They also would only be deductible to the extent that they exceed 2% of the employees’ adjusted gross income, and then only if they itemize.
Q: “Does it have to be a brand new car or are there other requirements for the write-off?”
A. It doesn’t have to be a brand new car.