5 Ways To Get A Great Deal On Leasing A Car

Ownership is still one of the greatest feelings in the world.   I’m not talking about a house you have with a big mortgage because you really don’t own it yet.  The day you pay that puppy off will truly be cause for celebration.  It’s a feeling that less than the majority of people get to experience in America.   When it comes to your automobiles, I’m a much bigger fan of owning versus leasing.   The one time in my life I had a leasing experience, back in 1993, with my Nissan Altima, I felt like an upside down pineapple cake by the time it was all said and done.  Since that purchase, I will only buy used cars and I will only own them.  However, there are cases where leasing can make sense here are your smart money moves on how to do this right. Negotiate The Price, Not The Payment– One of the trick people get suckered into when they ...

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Three Reasons NOT To Lease A Car

Ownership is still one of the greatest feelings in the world.   I’m not talking about a house you have with a big mortgage because you really don’t own it yet.  The day you pay that puppy off will truly be cause for celebration.  It’s a feeling that less than the majority of people get to experience in America.   When it comes to your automobiles, I’m a much bigger fan of owning versus leasing.   The one time in my life I had a leasing experience back in 1993 with my Nissan Altima, I felt like an upside down pineapple cake by the time it was all said and done.  Since that purchase, I will only buy used cards and I will only own them.  Here are three reasons why NOT to lease a car. The Mileage Limit– When it comes to leasing a car, you need to make sure you always read the fine print.   Typically, the lease will stipulate some ...

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How Can You Improve Your Fuel Economy?

You know gas prices are rising out of control when you are debating which button to press before you fill your tank up at the pump.   With gas prices ballooning to more than four dollars a gallon, some of you with those large SUV’s have been paying more than $100 to fill up your car at the gas station.     It’s getting more and more important to the bottom line of your family finances to manage how much you drive or it could cost you dearly within your budget.    You might also be able to take small measures every month to reduce the impact of these rising gas prices by paying attention to what your car tells you to improve your overall fuel economy.  Here are few smart money moves tips you can use each month. Heed Warning Signs – CarMD  (www.carmd.com) research shows that at least 10 percent of motorists have a “check engine” light on right now, and half ...

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Ten Common Mistakes Tax Filers Make

Don’t you hate that thought of getting your taxes done only to realize later that you make a common mistake that could cost you time or money? The tax code seems to be getting more and more complicated every year (500 changes alone in 2008), and we all seem to be strapped for time these days. Here are 10 mistakes we see taxpayers make all the time which could put a few dollars in your pocket this tax season. 1) If you are single and are caring for an elderly parent, you should investigate seeing if you qualify for ‘head of household’ for your filing status. As a general rule of thumb, you should be paying for 50% or more of the elderly parent’s expenses. 2) You should make sure you have kept track of your charitable mileage that you drove during the year. Eligible miles will have a .14 cents on the mile write off on your tax return ...

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5 Tax Mistakes Business Owners Make

Part of putting together an effective tax management strategy is gaining an understanding of what you can and cannot deduct from your tax return.   I see business owners that make mistakes every single day.  Every CPA or accountant seems to have a slightly different slant on the tax code, but here are a few that may be able to help you increase your bottom line as you grow your business. Wrong Entity Structure – If you are getting into business for the first time, it’s really important to sit down with someone qualified to discuss entity structure.    The reality is that you can set up your business as a sole proprietor, partnership, limited liability Corporation, S-Corporation, C-Corporation, or having multiple structures depending on how many businesses and whether real estate you own will be involved with the business.   Since these entities all work slightly different, a huge tax mistake I see owners make is having the wrong structure for the ...

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What Tax Deductions Can I Take For Using My Car?

As the tax year ends and you scramble to pull together your year end tax deductions, people often ask us whether they can get  a deduction for using their automobile.  It’s important to understand these rules for both employees and business owners alike as this could mean big bucks in your pocket come tax time. According to the IRS Topic 510 business use of a car (http://www.irs.gov/taxtopics/tc510.html), you can generally figure the amount of your deductible car expense using one of two methods: the standard mileage rate method or the actual expense method. If you qualify to use both methods, before choosing a method, you may want to figure your deduction both ways to see which gives you a larger deduction. Please refer to Publication 463, Travel, Entertainment, Gift and Car Expenses, for the current standard mileage rate. If you use the standard mileage rate, you can add to your deduction any parking fees and tolls incurred for business purposes. ...

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Personal Finance 101 – 5 Deductions Taxpayers Overlook

Part of putting together an effective tax management strategy is gaining an understanding of what you can and cannot deduct from your tax return.  Every CPA or accountant seems to have a slightly different slant on the tax code, but here are a few that may be able to help you increase your bottom line. Charitable Mileage – Most taxpayers are very good at keeping receipts of their cash donations that they make to the organizations they donate to during the course of the year.   One of the deductions few taxpayers pay attention to is the charitable mileage deduction.  For 2011, you can deduct .14 cents per mile driven in service of charitable organizations.  Don’t forget fees and tolls as well (www.irs.gov)  Think about the time that you give gratuitously during the course of the year for your religious organizations, charitable causes you support, or possibly coaching a one of your kid’s teams. Non-Cash Charitable Contributions – Most taxpayers literally ...

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2010 Mileage Rates!

As each year changes, so do the deductions we can take every year as it relates to mileage with business, charitable, and medical mileage. I often find that people I meet don’t keep the best track of these records, and every dollar you save can help you increase your bottom line. The Internal Revenue Service issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1st of this year, the standard mileage rates for the use of a car (vans, pickups, or trucks) will be: 50 cents per mile for business miles driven 16.5 cents per mile for medical or moving purposes 14 cents per mile driven in service of charitable organizations The new rates for business, medical and moving purposes are slightly lower than last year’s. The mileage rates reflect generally lower transportation costs compared to a year ago. The standard mileage ...

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