Quantcast
Jump to content


    • You can post now and register later. Already registered? sign in now to post with your account.
    • ×   Pasted as rich text.   Paste as plain text instead

        Only 75 emoji are allowed.

      ×   Your link has been automatically embedded.   Display as a link instead

      ×   Your previous content has been restored.   Clear editor

      ×   You cannot paste images directly. Upload or insert images from URL.


      Once you submit your question, a new topic will be created for you in our forums. Our moderators may move your topic to a more suitable forum category if one exists. Members will see your topic and be able to respond to your question.

    • This will not be shown to other users.
Sign in to follow this  
Mark Johnson

Article: You Can Use Your Personal Credit Card To Make Tax Deductible Business Purchases!

Recommended Posts

Do you ever worry that if the credit card you’re using to make business purchases isn’t in your business name that you won’t be allowed to take the deductions?

The good news is, that’s not the case—even if you have a separate entity!

This doesn’t mean you should mix personal and business expenses.

When you take a personal credit card and use it entirely for business expenses, you are essentially contributing this debt to your business.

You can use the card the same as if it was in the company’s name and deduct every business expense you purchase on it.

This can be a great strategy, just like with auto loans, when the company is new because it’s harder for new companies to get lines of credit without an established credit history.

So if you’ve got a personal credit card available for business expenses, feel free to use that card and benefit from all of the rewards!

To learn more please call 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min


View full article

Share this post


Link to post
Share on other sites


Sign in to follow this  

  • Similar Topics

    • By AutoShopOwner
      Massachusetts voters are deciding in this year’s election on whether they---and not the vehicle manufacturers---have control over the repair data generated by the vehicle they purchased.
      The Auto Care Association and the Coalition for Auto Repair Equality (CARE) have supported efforts by the Massachusetts Right to Repair Committee to obtain public support for ballot Question 1, which would give the consumer choice in vehicle repair. 

      “While the battle has been hard fought and expensive, the Auto Care Association is pleased that the most influential publications in the state have seen through the negative advertising campaign being funded by the vehicle manufacturers and have unanimously urged their readers to vote ‘yes’ on Question 1,” said Bill Hanvey, president and CEO, Auto Care Association. “We trust that voters in the state will agree with these publication that the right to repair is important and that advances in vehicle technology should not be used to limit the ability for owners to have their vehicle repaired by the shop of their choice."

      These “‘Yes’ on Question 1” endorsements include: 

      The Boston Globe on Oct. 13 declared, “The reason the new Right to Repair measure should pass is simple: It is inherently unfair for car manufacturers to have sole access to a vehicle’s mechanical data, because it gives their dealerships an advantage over independent auto-repair shops. That ultimately hurts consumers, because with limited options come higher prices.”

      The Boston Business Journal on Oct. 15 maintained, “Without the ability to repair cars equipped with wireless electronics, repair shops will see declines in business in coming years as car owners are forced to get repairs done at more expensive dealerships. In the end, more of the millions of dollars that Bay State residents spend every year to fix their cars would go to out-of-state manufacturers. More neighborhood car-repair shops will go out of business."

      The Sun Chronicle on Oct. 21 stated, “…we think the opponents of the law have done themselves no favors by overhyping the risks it poses. For example, the ‘No’ campaigners lean heavily on a statement from ‘Jane Doe Inc.,’ a Massachusetts advocacy group against domestic violence and abuse. But, on its website, that group now says its position on the referendum has ‘evolved’ and, while saying it’s staying neutral, complains that it’s wrong to use the fears of abuse survivors to promote a political position. For that alone, we think the opponents of Question 1 deserve to get their comeuppance at the ballot box.”
      The Berkshire Eagle on Oct. 21 stated, “Question 1’s opponents had ample opportunity to explain why this lobby should keep a monopolistic grip on your car’s telematics. They instead spent their campaign dishonestly fear-mongering in an attempt to distract consumers from asking why carmakers should be able to flout the spirit of the extant Right to Repair law to drive more repair jobs to their dealership garages. Hopefully voters will see through this charade.”
       
      For more information about the Right to Repair ballot initiative in Massachusetts, visit massrighttorepair.org.
      Source: https://www.autobodynews.com/index.php/northeastern/item/21245-right-to-repair-ballot-initiative-endorsed-by-major-massachusetts-news-publications.html?start=1
    • By Joe Marconi
      I can't speak about all businesses in my area, but the repair shops are doing ok. In fact, most had a normal or near normal summer.  A few weeks back we had a major storm that knocked out power for nearly the week. That killed the week. But aside from that, we had a very good June, July and August.   With a miserable March and April, this was a great morale lift and financial boost.
      The only  down side is the affect COVID is having on other businesses, like restaurants, deli's, sport businesses and other businesses. Will this have a trickle down effect on our industry.  No one can tell for sure.
      I will be shoring up my finances and preparing for the unknown. 
       
       
       
    • By Joe Marconi
      NEWS BREAK: Workers at a Mavis Discount Tire shop falsified records to make it look as if they completed brake work on a limousine before it crashed and killed 20 in Schoharie, New York, last year, when in actuality the work was never performed, according to the shop's former manager.
      Below is a link to the article:
      https://www.usatoday.com/story/news/2019/10/09/new-york-limo-crash-mavis-discount-tire-shop-falsified-brake-records/3920945002/
    • By Alex
      Has the Coronavirus (COVID-19) impacted your auto shop business? If it hasn't yet, it has the potential to do so soon. Please share what you are currently doing, how your business is impacted, what plans you have in place, etc.
      Some things to consider:
      Do you have a plan in place should you or one of your employees become ill? With school, event, and business closures, how will this affect your shop? Are you sending anything to your customers in terms of sharing your plans around keeping your customer and employees healthy and doing your part in your community? Many small and large businesses have been sending email communications to their customers. Are you marketing to your customers in terms of not delaying car repair, should there be a need to temporarily close? Are your parts suppliers sharing their plans, should the pandemic affect supply chains?  Are you stocking up on business and shop necessities? Please share your experience in this topic and stay healthy!
      In the media:
      The coronavirus and its growing tally of sick and dead victims around the world have been roiling financial markets, prompting countless hand-washing reminders and ruining more than a few vacations, and that’s before anyone knows exactly how widespread the effect will be on the automotive industry, including your local repair shop. Source
      “By mid-March, the shortage of supplies will be felt and members are projecting they’ll experience disruption through May or June,” even if operations in China soon get back to normal, said Stacey Miller, senior director of communications at the Auto Care Association, a trade group representing 150,000 auto aftermarket and service businesses. Source
       


       
    • By Joe Marconi
      Today is the first day of summer, and we are still dealing with the dreaded COVID-19.  However, there are positive indicators that business will be better than expected this summer.  People will be taking more road trips, will avoid airplanes, trains and Ubers and will take to the roads in record numbers.
      Gear up for a great summer and look for opportunity with each vehicle visit.  Perform those multipoints as if your business depends on it….why?....Because it does!
      We have a lot to be thankful for. Keep positive, be a leader and thrive!
       


  • Similar Tagged Content

    • By Mark Johnson
      We allow visitors to read the first post of each topic. To read this post, please login or register for a membership. 
    • By Mark Johnson
      According to The NY Times, you should have a well-padded cushion of savings by age 50 if you want to retire comfortably.
      This is how it should look:
      By age 50, have five times your annual salary saved. ( ie. $100K income = $500K savings)
      By age 55, have six times your annual salary saved. ( ie. $100K income = $600K savings)
      By age 60, have seven times your annual salary saved. ( ie. $100K income = $700K savings)
      The Times also reports that less than 13% of Americans have a pension or a solid retirement plan.
      How does your situation looks? Are you on track to retire comfortably?
      If not, no need to panic.
      We can guide you in getting there.
      If a shop owner who is currently 50 years old starts putting away $2,700 every month until he retires at 67. He would have amassed $1,245,344 by the time he retires.
      Now you might be asking where will I get the money from to save? Well, most of the shop owners that I encounter are overpaying an average of $22,679 in taxes yearly.
      This amount alone could easily be used to fund your retirement plan.
      When we met Henry he was 62 and his shop was netting a little over $283K per year. We were able to find tax savings which allowed him to save $84K per year and in 8 years he had over $1.1M in retirement savings. 
      To learn how to use your tax savings to build your retirement portfolio message me directly or book a free consultation via my website.
       
       

  • AutoShopOwner Sponsors


Tire Rack: Revolutionizing tire buying since 1979.
Fast Free Shipping on All Orders Over $50

Fast Free Shipping on All Orders Over $50
×
×
  • Create New...