Since contractors invest in and use many types of vehicles, including cars and trucks, maximizing tax deductions and maintaining proper documentation is a concern for all CFMs. Navigating the rules and regulations can be daunting – mileage deductions, listed property rules, whether or not to include vehicle allowances in employee wages, and determining depreciation are just some of the issues that must be addressed.
Primer on Contractor Tax Deductions for Car & Truck Expense
by Rich Shavell
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Rich Shavell
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