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| Topics >> by >> how_to_determine_if_should_s |
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| If this is the case, the first thing you want to do is take another look at your assets, to make sure you didn't leave any thing out. Maybe you have a second job and did not figure that income in, or maybe you have a CD at the bank or 401k at work. These are all assets that need to be figured.  how much is my car worth There are many elements that affect how much your car is worth. The first is the year, make, and model of your vehicle. Certain makes, models, and years of cars are more desirable than others. The second is the condition of the car. If salvage yards and drives it is worth more than a non runner. Other factors that affect the worth of your car are if the car is complete or missing parts and how much the car weighs. One of the most important elements that effect the amount of money you will get for your scrap or junk car is the status of the scrap metal market. There are plenty of things you can do to get some fast cash. For example, have you considered getting some cash from a garage sale? Having a garage sale can reap some quick profits for you. Develop this into going to garage sales and then buying other people's things and selling them on eBay and you will have yourself a small cash business that is going to give you plenty of opportunity to make some fast cash. You can as well source for money via loans. This is however not a highly advocated move for it requires a solid backing in terms of constant plough back of money to clear the loan. If you have an eye for a car, it is better to save up and get the car rather than rushing to get cash for cars via loans. For purposes of this example, I'm going to assume that you drive about 8,000 miles per year for business purposes. That means driving to clients, to vendors,to the office supply store, to the post office, etc. The standard deduction allowed by the IRS for business use of your automobile has been hovering around 50 cents per mile in recent years. As I write this, the allowable deduction is 55 cents per mile. For 8,000 miles, that gives you a deduction of $4,400 against your business income. Since you are paying tax at a rate of 40.3% (15.3% self-employment tax 25% federal income tax), that $4,400 deduction will reduce your tax bill by $1,773! |
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