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Co-signing on a loan

Special tip of the week: Every now and then, a case is decided that has broad ranging implications. For years, I have warned people AGAINST co-signing loans unless absolutely necessary. In a recent case, the parents of a student co-signed a loan for their daughter, who incurred almost $75,000 in college debt. Sadly, the daughter...Read More

Corporate vehicles used personally

Taxation of corporate owned vehicles used personally: You can use the cents per mile method for vehicles that cost under $15,300 for cars and $16,000 for trucks and the vehicle is expected to be driven over 50% for business. (Well, what can you expect from the cheapskate IRS?). If you don’t meet this condition try...Read More

Corporate provided vehicles

Corporate or company provided vehicles: There are lots of misconceptions about this and leasing a vehicle (the topic of which will be discussed in tomorrow’s post). The general rule is that when a corporation provides a company vehicle, the employee is taxed on the personal use of the vehicle. Thus, it is CRITICAL (did I...Read More