April 15th, tax day, looms closer and closer. If you’re self-employed, or have a side-gig, such as making deliveries or driving for Uber, you might want to check if you can deduct vehicle expenses from your Self-Employed taxes.
To do this, you first calculate how many miles you drove all year. Then you choose between taking the standard rate, or the actual expenses you incurred with your car. To do this, figure the percentage that was personal driving, and how much was for business. Say you drove 100 miles a week, and 40% was for business. That’s the percentage of car expenses you can deduct. Keep in mind, driving to your work place is commuting, so that’s not deductible, but driving to do business banking or buy supplies is deductible.
A lot is happening in the car market in the United States right now. General Motors just announced plant closings in Canada and the Midwest. They claim tariffs have cost them heavily, but also, that their sedans- like the Buick LaCrosse and Cadillac CT6, just aren’t selling. North Americans prefer SUV’s, hybrids, and trucks. In fact, across the board, new auto sales have fallen by 1 million vehicles since September 2017.
However, subprime auto loans for used cars are increasing nationwide. According to separate reports by both the Federal Reserve Bank of New York and TransUnion, subprime loans are up 10 percent from the third quarter of 2017. There are two main reasons for this. More lending institutions, such as banks, are making subprime auto loans. These include big names such as Wells Fargo and Santander Consumer USA. However, due an uptick in defaults, [...]
In-house financing, like Finn’s Discount Auto offers, offers the convenience of purchasing a car and setting up loan payments in one visit. While interest rates can be higher at Buy Here Pay Here than at traditional car dealerships, for people who don’t have a credit history, it’s a way to not only buy a car, but also establish credit. Those without any credit history are referred to as the “credit invisible”. There are millions of people in the United States who have no credit score what-so- ever. This can cause all sort of obstacles in life. Without a credit score, it can be difficult to rent or buy a home, refinance a student loan, and get a credit card. It may even impact you getting a new job.