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Whether or not the interest you pay on a loan to acquire a vehicle is deductible for tax purposes depends how the vehicle is being used (for business or personal purposes), the tax form on which the expenses are being deducted, and the type of loan. If the loan were a consumer loan secured by the vehicle, then the following rules would apply: If the vehicle is being used partially for business and the expenses are being deducted on your self-employed business schedule such as Schedule C, then the business portion of the interest will be deductible as business interest, ...

The accounting term EBITDA is an acronym that is widely used. It stands for Earnings Before Interest, Taxation, Depreciation, and Amortization.It is an extremely helpful tool for understanding how one business or industry is faring based on comparing it to others that are doing the same thing. EBITDA’s value lies in the fact that it gives a very quick assessment of a business’s earnings potential; but, because it is not part of generally accepted accounting principles, or GAAP, it is frequently excluded from a business’s official financial statement. Still, when a business owner ...

A frequent question that we are asked is: how long does the IRS have to question and assess additional tax on my tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them. This period is termed the statute of limitations. But wait – as in all things taxes, it is not that clean cut. Here are some complications: You file before the April due date – If you file before the April due date, the three-year statute of limitations still begins on the April due ...