car allowance

The new Economic Stimulus Act gives a big tax break to “heavy” vehicles. A heavy vehicle is defined as having a GVWR of 6,000 lbs or greater. Typically, this includes luxury SUVs and big 4x4 trucks.

For most of us, a car is an important part of our daily lives and is essential to our transportation. But, for those of you operating your own businesses, did you know your car is also a good source of TaxLoopholes?