Crash Course in Taxes for Schedule C Businesses: Car Expenses
If you don’t feel like wading through zillions of pages of IRS material in hopes of discovering information that will help you understand how to deduct your car expenses, you’re in luck.
Here’s a special report that spells out the basic definitions, methods of calculation, restrictions, reporting, and record keeping requirements.
It’s for business owners who operate as unincorporated sole proprietors or single member LLCs and who file Schedule C with their personal Form 1040.
In order to keep this report to a reasonable length and make it easy to understand, it does not cover every detail, every situation, or every exception. You can read the IRS manual for that!
It does include the information that covers the most common situations since that’s what’s likely to affect you.
The purpose of this report is NOT to replace your tax professional. It’s to help the two of you work together more efficiently. The more you know, the better able you are to ask her specific questions about your particular situation. This will help you to help her make sure that you get all the deductions you’re entitled to.
When you know what records to keep and you’re able to give them to your preparer in a neat, organized way, she’ll spend less time on your return. That’s a great way to reduce your tax prep fees.
The price is an extremely affordable $4.95. Compare that to the cost of an hour long consult from your CPA (who probably can’t fit you into her schedule any time soon).
