Automobiles and trucks have long played a large role in the life of Americans, both for personal and business purposes. According to the U.S. Bureau of Transportation Statistics, there were a total of 254 million registered motor vehicles in the United States at the end of the year 2009. Additionally, according to the Internal Revenue Service, almost 22 million of the tax returns filed by individuals in the year 2009 reported business income or loss. As these numbers have continued to climb each year, it stands to reason that many of the business activities reported by taxpayers annually include the use of motor vehicles of one kind or another, whether in the form of a semi-trailer used by a long-haul trucker in the course of transporting freight from one state to another or a small sedan used by a salesman calling on clients in an assigned territory. In these and other cases, ordinary and necessary expenses associated with vehicles used in the course of conducting business are deductible from business income.
Posted on: Sat, 25 Oct 2014 12:30:38 +0000
Trending Topics
Recently Viewed Topics
© 2015