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.
Television personality Marie Kondo is creating a craze in society – convincing us to “unclutter”. Her filtering philosophy for cleaning out closets and garages is, “Does it bring you joy?”. You could ask this of the car you are currently driving. Does it make you happy? Is it fun to drive or you look good in it? Is it an expression of your personality and lifestyle? Our father drives a maroon Honda Civic. Nothing about this vehicle says “Joy” or personal brand. He doesn’t care- that’s not why he owns a car. He was looking for reliability, good gas mileage, and low monthly payments. He found all of that in a Honda Civic.
But then there’s our nephew, Emiliano. He drives the world’s most impractical car – a Nissan Skyline. There are very few of these in the United States, and they are barely legal. The [...]
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, [...]