Friday, March 14, 2014

Why are my business auto paymets considered taxable income?

Why are my business auto paymets considered taxable income?
I'm not sure what you mean. If you are a business owner, paymentsagainst a loan for business vehicles are not tax deductible but youare allowed to depreciate the vehicles, and to take deductions formaintenance, fuel, tires, etc. If you are someone who works for abusiness and is given a company vehicle to drive, you are now taxeson the value of the vehicle for which you have use of during offduty hours. If you pick it up when you get to work and leave it atwork when you get off, then is that case you would not have anytaxable use of the vehicle.

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