How can leasing a vehicle save me taxes?
538299
It is possible if used for business to deduct the cost from your taxes.
916837
Buy the car with leasing you don't own the car. It will cost more in the long run.
654383
Sir Section 54 of the Income Tax Act 1961 gives the details of saving tax it goes that you have either to purchase bonds as you mentioned but it wont help as those bond would have to be reinvested in same Capital asset rather you can go for another same type of asset of same value you have 3 years from the date of sale or get your money invested in bond and keep renewing each tenure and the last option will be pay a tax and the correctly specifed rate
638020
they are but can be offset by deducting tool purchases and depreciation and taking standard deductions for vehicle expenses. Vehicle expense is taken as an allowance per mile so you have to keep a little log book to compute your business mileage
376231
yeah. Think of the tax you save!
194346
The most efficient way as a private person would be to set up a business. Most expenses, even buying yourself a car or going on vacation could be declared as investments reducing the actual taxable income...
1126005
You get a tax credit when you file your federal taxes.  The dollar amount will vary depending on the type of hybrid car you have.  See the link below to find your particular model, as well as more details about the program.
901408
I'm an accountant.  You need the beginning and ending mileage from your vehicle's odometer, for each trip.  The name of the start of your trip and the name of the destination of your trip. So, Your Office to Customer X's Office.  You also need the business reason for the trip itself, i.e. "Met with Mike Smith VP Of Sales To Discuss New Pricing."
539420
Any profit you earn from renting or selling the property will be taxable to you.  If you rent the property, you can deduct depreciation as well as operating expenses from the rental income.  If you resell, your profit will be equal to the selling price minus your cost for the property, including any costs incurred to fix it up; any depreciation allowed will reduce your cost.  \n\nIn addition, you may owe real estate taxes to the state or local government.\n\nConsult a tax preparer or accountant for details.
1095688
Sure, in a lease option it's called an option payment, in your case it's probably a non refundable contract fee or earnest money that would be credited to you when you complete the sale..\n\nSomething like that would be common.\n\nGood luck
541362
no can pay anything but keep track of your miles as you can claim off you income tax the difference-it adds up quick
892397
If you are receiving a flat dollar amount per month from your employer for the use of your personal automobile while on company business the likelihood is that you will not be getting reimbursed for gasoline purchases as well, although I have seen instances in my accounting practice where an employer will pay both. You will have to ask your employer to explain its policy in this regard if you are not sure.\n\nThe important thing to be aware of is that this money is subject to income tax in your hands as a taxable benefit. In this respect it is important to keep track of all your automobile operating costs as well as the mileage you are driving while on business. At tax time you add up all your auto operating costs, multiply it by the proportion of your business mileage over your total mileage for the year. The resulting figure is the costs you have incured while on business. This cost can be taken as a deduction in computing your income for tax purposes. In some cases these costs will exceed the amount received from your employer as a car allowance thereby offsetting the fact that you have to include the allownace in your income while at the same time giving you some tax saving on the difference. \n\nMany employers pay their employees a mileage allowance for the use of their personal automobiles while on business. Employees are required to report the distance travelled and the reason for the trip on an expense report. As long as the per kilometer rate paid by the employers is equal to or less than the prescibed amounts permitted by the Canada Revenue Agency, then this type of alowance does not have to be included in the employee's income for tax purposes.\n\nFor more detailed information go to the website below
396128
If you have brought your vehicle with out vat, it sa criminal affence.!!\nyou have to sell it with vat.
356977
When it comes to tax deductions and expense write offs, the best thing you can do for yourself is to consult with a certified and experienced tax professional.\n\nThe legal form of your business is a major factor in how you pay texes, sloe proprietor, limited partnership, corporation?  If you are not sure ask an attorney.\n\nThere is nearly no limit as to what you can purchase and use for a business.  What you can write off however is a different story.  When you make purchases with the sole intention of business use, you should consider the depreciation of the asset,(thing you own are considered assets).  To estimate the depreciation value of an asset, try deviding the cost of the item by the number of years you expect to retain the asset in service, the resullting number is the amount of money you can deduct from your taxes each year untill the asset no longer serves your needs.  Another option is to write off the entire depreciation in the first year of ownership.  Though this may decrease your tax liability dramitically for that year, there will be no other tax benefits to the ownership of that asset.\n\nYou can also deduct the cost of operation such as rents, mortgages, utilities, insurance, interest paid on loans (real estate), vehicles and the cost of operation of the vehicle, advertising, accounting, legal fees.  Pretty much any expense that you incur for the business, and certain things that you share, such as a residence, or a car can be used as deductions at tax time.  Be careful not to double deduct items.  If you cliam your car as a business expense, don't claim the interest you pay on the loan in your personal taxes.\nThere are also limits to which you can make deductions; remember you don't want to run in the red with your taxes for more than a couple of years, as the IRS will closely scrutinize your tax returns and records.\nHope this helps.\nGood luck
851696
I know I am not answering your question, but I do not know a place to send you for the information you are looking for.  I am a Landlord of 23 properties in Florida and I can answer specific questions you may have, to a limit.  Insurance you need to have homeowners Insurance and tell your agent that the house will be a rental, that way you are not paying for all items in the house, unless of course you are renting a furnished unit.  I have no special account, all the monies go into my personal account and all repairs come out of my personal account.  You will pay tax on the profit you make, I am not an accountant so I don't know what your tax implications would be, an accountant can answer that for you.  If you have any other questions please feel free to add details post another question or you can email me through Yahoo Answers.  Good Luck KG
105227
If you buy a muni within your state, it is normally Federal and State tax free. Look at www.lebenthal.com for lots of information about munis.
358266
If it's your main residence and you live in the UK no. If it's not your main residence you pay capital gains tax. You have an allowance for capital gains for the year 2006 to 2007 of £8,800 so you pay tax on a gain over that. you should also adjust for the effects of inflation - check the finance pages on TV teletext - there used to be a chart for that on there - not sure if there still is. Outside the UK the tax rules are probably similar - ask your local IRS office. Incidentally, capital gains applies to the sale of a copyright so if you write a magazine feature in the UK and get paid up to £8,800 in this financial year - you won't pay tax on it. Assuming you haven't used your allowance for something else. Capital gains tax does not apply to cars, household furniture, etc. Basically, stuff that goes down in value normally. So you can't offset the loss on a car against a gain. But a gain on a car is tax free (as long as you don't sell them as a business).\n\nThat is one hell of a top answer! 10 points!