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A Used Car Can be a Good Tax Benefit

April 9, 2014  

used cars for sale in Temple Hills, MDWhen it comes to used cars for sale in Temple Hills, MD most small businesses won’t automatically think about how used cars can equal tax benefits, but they can. If a business is finding itself in the position of needing a replacement vehicle or an add-on to its existing fleet, a used car can easily pay back some of its cost in only a few years. This is because, if the car is used entirely for the business, both the usage and cost of maintaining the vehicle can be deducted as business expenses in a tax return filing. This is particularly advantageous for small businesses, especially those that file tax returns on a Schedule C.

Vehicle costs can include, first off, the purchase of the vehicle (as well as its sales tax charge) which is then depreciated over about five to ten years, reducing business taxes accordingly in partial amounts by year. Then the business can also deduct usage and repair one of two ways: direct actual costs or using the IRS standard rate mileage deduction value (can’t use both). Between the two methods, the IRS standard mileage approach is far easier to apply. A business just needs to keep a good mileage log written down. Both expense categories of purchase and usage can then be posted as direct expense reductions to gross profit of the business, reducing income taxes. That in turn can pay for the car and keep producing savings for the business.Just remember to keep all receipts and be religious about documenting usage.

For more information on used cars for sale in Temple Hills, MD and how a car purchase can help your business, contact Car Smart today at (888)292-8115.

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This place was good patient they work with I would recommend anytime Tim an vaurice where very helpful along with the rest of the staff!!


I had a very lovely experience at CarSmart today. They helped me get financed with bad credit. Vaurice, Dante, Ismail and Tim will get you into a new vehicle. They were fast and super professional and very nice. If you need a new car, Come on over to CarSmart. They can get the job done.


I am well,well pleased with the service that I received from CarSmart, especially Dante's. You were an excellent salesman and showed much respect to me and my friend during the purchase of my new vehicle. I appreciate you and keep up the great work ๐Ÿ˜Š.


Vaurice was Great ! Got us in and out in no time. Would definitely recommend this place to family.


I came here not sure if I would leave with a vehicle. But everyone was so great careing and showed so much respect that I was was so over well with the care that everyone gave. If I ever have have to get another vehicle I will have come here. I will refer anyone. The best of them all are Sales Rep. Vaurice was my sellsman and he was extremely great along with Ismail and Haceeb. THANK YOU Carsmart.


Great experience love this car dealer and vaurice was a great help everything was excellent. The process was fast and easy and we got the best deal in the area.


Carsmart is the best, they helped me get a vehicle when nobody else would. Vaurice was excellent with assistance, nice attitude. Everybody should come to Carsmart especially for low credit options.


Got my car from here. They were good ppl!


First time getting my car and the experience with them was great! They work great with you to get the car that fits right for you and make sure that itโ€™s something you can afford. Vaurice is nice, professional and knowledgeable about the cars. The entire team is great and make you feel comfortable with speaking to them.


Very nice cars