A new set of wheels is a major purchase. So before you head to the dealer, it’s a good idea to work out the numbers and know exactly how much car you can actually afford.
If you have a vehicle to trade, the value can be determined based on factors such as make, model, year, and miles. You can search the Web for free online calculators that let you type in your vehicle information and get a ballpark estimate on the retail value of your trade-in.
The Internet is also a great resource for easy-to-use loan payment calculators. All you do is enter your info regarding the cost of down payment, trade-in value, interest rates, and amount you can afford each month, and the calculators crunch the numbers and come up with an acceptable purchase price.
When your vehicle will be used for business, you can take advantage of tax deductions for certain expenses, including gas, insurance, maintenance, and more. For these and other types of automotive tax questions, it’s best to sit down with a professional tax specialist. The rules on business-related auto deductions change yearly, and you don’t want to miss out on any write-offs that could save you money.
Other automotive tax breaks are available if you donate your old wheels to charity or purchase a qualified plug-in electric vehicle. The tax pros at Taxation Solutions, Inc. are here to steer you in the right direction when buying or leasing a new car, truck, or SUV. Feel free to reach us in the San Antonio metro.