Contractor Taxes
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Automobile Tax Deduction – Am I eligible?
Automobile tax deduction, what exactly is this and what kinds of automobiles will qualify you for it. Under federal law in the United States there are two ways to qualify for it. One is by owning what is called a clean fuel vehicle and/or a gasoline-electric hybrid car. A different kind of car tax deduction is related to donations made to a charity that involve an automobile.
Those who have decided to receive an automobile tax deduction because of a clean fuel vehicle must realize that they qualify for a one-time tax deduction of up to $2,000, only if the fuel is at least 85% alcohol or ether, for example like E85. On the other hand those who have an electric vehicle or electric hybrid vehicle can qualify for an automobile tax deduction of one time up to $4,000.
One thing to know about this kind of car tax deduction is that this is only for those who purchased their vehicle in 2005. If you purchased one in 2004 you may have to fill out an amended tax return in order to receive credit.
There are a few other specifications to completely qualify for this type of automobile tax deduction. For example the car that is purchased must be new when bought and for personal use only, you cannot by it in order to turn around and sell it again. In addition, the car must be driven mostly in the United States. A very important thing to qualify for the car tax deduction of this sort is that the car must meet all federal and state requirements for pollution and emissions. The car must actually be a car that runs on the road and has four or more wheels and therefore this rules out trains of any sort. If any of these things change within three years of the original purchase, the person who received the automobile tax deduction may owe the government some money back.
Just so you are aware, this type of care tax reduction is only valid until December 31, 2005, after which there are some different types of federal income tax credits that will be available.
Another type of automobile tax deduction occurs when a vehicle is donated to a charity. There is a bit more rules and regulations when it comes to this deduction. It all depends on how much the person who donated claims the gift was worth and how the charity then proceeded to use the car. These two factors influence how much of a deduction will occur. There is a $500 on the value of the donated car, but there are even more rules and regulations if it exceeds that amount. An interesting thing regarding this type of car tax reduction is that the person who donated can take another deduction called a fair market deal deduction if the charity increased the value of the car in any way.
In most instances you should concern yourself primarily with the first type of auto tax deduction, is definitely the one that is worth most of your time and effort to receive. Now you know how having a car might just be able to help you receive an automobile tax deduction.
About the Author
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How would the taxes be handled if it is LLC corporation, and there is a non-american independent contractor..?
How would the taxes be handled if it is LLC corporation, and there is a non-american independent contractor.. Does the company pay taxes? Or does the independent contractor pay them?
What form number would it be?
Please Help!
First, an LLC is NOT a corporation. It stands for Limited Liability COMPANY.
Second, the IRS does not recognize the LLC as an entity type so the member(s) make an election on how to file the tax return.
If there is only one member, you can elect to file the LLCs return as either a corporation or as a sole proprietor (on your 1040).
If there are 2 or more, you can file either as a corporation or as a partnership (1065).
In either case, if the LLC elects to file as a corporation, it must also make the sub-S election to have the income flow to the stockholders so it won’t get taxed twice.
Each entity type (individual, corporation, etc) is responsible for filing their own tax return and paying their own taxes. Aside from payroll taxes (unemployment, FICA, etc), a company is never legally bound to pay any taxes for an individual. If a company pays the income taxes for an owner, the owner has to declare it as income in the year it was paid.
I strongly advise you to seek the help of a QUALIFIED tax professional, preferably a CPA.
Whoifwhat: Contractors cheat on taxes, Illegals II
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