How Small Businesses Drive For Less
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Owning a car for a business can be less expensive with a careful look at basic costs and tax breaks. Follow these tips to discover ways for your small business to cut down on-the-road expenses.
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Next: Monitor IRS Allowable Mileage RatesMore From Forbes.com:
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Monitor IRS Allowable Mileage Rates
The Internal Revenue Service reviews the optional standard mileage rates twice a year and adjusts them when necessary. The new rate for miles driven between July 1 and Dec. 31, 2008, is 58.5 cents per mile, up from 50.5 cents per mile during the Jan. 1 to June 30, 2008, period.
More on Monitoring IRS Allowable Mileage
Next: Checking Out Expense Limits on SUVsMore From Forbes.com:
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Checking Out Expense Limits on SUVs
Small-business owners who purchase certain sport utility vehicles for business use to transport passengers "over public streets, roads and highways" may qualify for an IRS tax deduction of up to $25,000 in the tax year that the car was purchased.
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Next: Considering the Special Depreciation AllowanceMore From Forbes.com:
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Considering the Special Depreciation Allowance
Small-business owners who purchase a vehicle for business use in 2008 may benefit from a special 50% depreciation allowance, or up to an additional $8,000 under the Economic Stimulus Act. There is no limit on the number of vehicles deducted, but they must have been purchased for business use and placed in service in 2008.
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Next: Reviewing Your Insurance CoverageMore From Forbes.com:
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Reviewing Your Insurance Coverage
Consider dropping the collision coverage on older vehicles because the insurer is only going to cover the car's current value. Raise your deductible from $200 to $1,000 because the policy is designed to cover catastrophic costs and not things like dents and broken windows.
More on Reviewing Your Insurance Coverage
Next: Buying a Pre-Owned VehicleMore From Forbes.com:
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Buying a Pre-Owned Vehicle
When it comes time to replace your current vehicle, consider buying a reliable car that is one to three years old but comes equipped with many of the safety and technology features available on a new car.
More on Buying a Pre-Owned Vehicle
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