It's the last week in November 2020 and it’s time to examine your existing Business and Personal (yes, Personal) Cars, SUVs, Trucks, and Vans for some profitable Year-End Business Tax Deductions.
In this article, let’s first look at your prior and existing business vehicles that you or your pass-through business owns. Then, we will take a look at your personal vehicles as a possible source for a last-minute tax-saving deduction.
Let's start with prior and existing business vehicles.
Your first step is to identify your gain or loss on a sale. Once you have or know what the gain or loss is, know these basic rules:
Gains attributable ...