Business Deductions
- Amortization
- Business Losses and Net Operating Losses
- Car and Truck Expenses
- Day-Care Services
- Depreciating Business Property
- Depreciating Your Car
- Domestic Production Activities Deduction
- Health Insurance Deduction
- Home Office Deduction
- Meal and Entertainment Expenses
- Organizational Costs and Start-up Costs
- Qualified Plan Awards
- Schedule C Expenses
- Section 197 Intangibles
- Should You Sell or Trade in Your Car?
- Start-up Costs
- Travel Expenses
More Tax Topics
- Business Structures
- Hiring Workers
- Retirement
- Top Tax Myths
- Per Diem Rates - IRS Publication 1542 Oct 2011 for Travel Within the Continental U.S (for employers who pay a per diem allowance to employees)
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Need Some Deductions for 2012?
Don't overlook these!
Updated for 2012
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Alternative Motor Vehicles or Plug-in Electric Vehicle Conversions
Form 8910, Alternative Motor Vehicle Credit: Use this form to claim the credit for certain alternative motor vehicles or plug-in electric vehicle conversions.
You must be the original purchaser of a new qualifying vehicle to claim the credit. The credit is not allowed for a used vehicle.
The IRS acknowledges certifications made by the vehicle manufacturers that certain models qualify for a credit. You may generally rely on the manufacturer's certification that the specified credit amount is allowable.
The instructions on Form 8910 will have a list of qualifying models and the allowable credit amounts for 2012.
Leased Vehicle:
If you lease the vehicle, you don't get the credit; the leasing company may claim the credit.
Next:
Car Expenses: Electric Cars; Annual Depreciation Limits for Electric Cars
Related Links
- Turning Commuting Mileage into Deductible Business Expense
- The Mileage Allowance Method
- What is the Actual Expense Method?
- Deductible Car Expenses
- 100% Business Use of Vehicle
- Business and Personal Use of Vehicle
- Changing From Personal Use to Business Use During the Year
- Personal Property Tax Included in Vehicle Registration Fee
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