Articles

By Dominique Molina, CPA

Ever notice how many negative concepts are associated with automobiles: traffic jams, road rage, rising fuel prices, gas-guzzlers, collisions, traffic court? The list goes on and on! Here is some good news about how your automobile can help lower your tax bill.

The Tax Code allows us a tax deduction in an amount equal to either the standard mileage rate or actual expenses for each mile we drive related to business. But have you ever wondered which would help lower your tax bill?

Standard Mileage Rate versus Actual Expenses

With the oil prices rising as fast as I drive on the freeway (I mean – I ALWAYS drive the speed limit officer) have you ever stopped … Read more → “Drive Your Way to a Lower Tax Bill!”

Supreme Court Justice Oliver Wendell Holmes called taxes “the price we pay for civilization.” But he never said we have to pay retail! As April 15 approaches, let’s take a look at what some of our favorite bold-face names might deduct this year:

Tiger Wood’s Sex Rehab. Previous winners in the celebrity “rehab” category have struggled with booze and drugs. But golfer Tiger Woods breaks new ground with his addiction to Vegas cocktail waitresses. Rehab costs are a deductible medical expense. Good thing Tiger can still drive his ball 300 yards without hitting a tree!

Jon & Kate Plus Divorce Lawyer. Why is divorce so expensive? Because it’s worth it! Especially when your ex makes off with $235,000 from your … Read more → ““Funniest Tax Guy in America” Releases 2010 Celebrity Tax Deductions”

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