2 Easy Steps To Get Tax Deduction For Your Personal Vehicle

maximize tax deduction with your personal vehicle

Yes, personal vehicle, and not commercial vehicle. A friendly reminder, whether it’s for your personal vehicle or commercial vehicle (for business owners), you will need to purchase auto insurance. It will be costly for you if and damage happened to your vehicle without having insurance.

A commercial auto insurance is purchased for vehicles used to run errands for your business and it is necessary to have the coverage in case an accident happens and you face a total loss of your vehicles.

However, if you are a business owner and have a company, you are able to maximize tax deduction with your personal vehicle.

2 simple steps

Step 1:

Have your personal vehicle registered under your individual name

step 2:

The payment must be invoiced to your business

What are the benefits of doing so?

Firstly, you can get a tax deduction. More importantly, your auto insurance annual premium also may be lower with your personal vehicle registered under your individual name.

What are you waiting for?

Hurry up and contact Blue Rock; our experienced brokers can assist you with any questions you have. Additionally, CCL Tax & Accounting, Inc. will be able to help you with your tax deduction!

Fill in the form below to get in touch with us or call us at 718 886-6601.