Spring is rolling around which means tax season is in full swing. While it can be particularly painful, it’s important to file your taxes to avoid excessive fees and legal trouble. Keeping track of your financial records is just one part of filing your taxes for 2016. Here are a few simple tax tips from us at Capital Toyota to help you through the season.
Home Office Deductions – If you own or rent your home, you can deduct some expenses resulting from your work on it. The IRS requires that the home must be your main place of business and the expenses must be exclusive to your work. Storage space and a home office can be deductions as well. You just have to work out the percentage of space in order to calculation the deduction.
Car Expense Deductions – Traveling to meet clients and perform normal business is tax deductible as well. While this may seem like a true gem in the pile of tax forms, it’s important to keep accurate records. You can deduct wear and tear, insurance, gas, and mileage.
Supplies – If you’re a creative type who sells crafts on platforms like Etsy or eBay, you can deduct the cost of materials and supplies as well. Anyone can take this deduction provided they fall under the category of ordinary business expenses.
While you’re working with your financial records, it wouldn’t be a bad idea to pull your credit score either. Contact one of the main credit reporting agencies, such as FICO, and order a report. It could save you a hassle with lenders in the future!
It’s a month into 2017. No big deal! You still have plenty of time to set a goal for yourself. If you’d like to keep better track of your spending, consider these great money-saving tips for achieving a savings goal.
Set a savings goal
Think of how much money you’d like to have set aside for a savings account, and then do it! Be realistic about it, though.
Choose your bank wisely
When choosing where to keep your money, make sure you research things like interest, fees, and minimum balances. Every bit of interest counts in the long run.
Track your monthly spending and set a budget
Lots of people jump straight to the “setting a budget” part, but many find it helpful to keep track of your spending via a money diary first. It will help you see what areas of your life you spend the most money on, and help you decide what to prioritize.
Invest in good credit cards with awesome loyalty programs, and make sure to check places you shop for sales, coupons, and other discount programs.
Track your progress
On your way to your savings goal, you should mark milestones throughout your journey and allow yourself a few rewards here and there. Pick a day once a week to look at your records to track your progress.
Use these great money-saving tips to get smarter about spending and have a better, more financially productive year than ever!
The 2018 Toyota CH-R may have gotten its world debut at 2016 Geneva Auto Show, but fans recently got their first glance at the new, segment-defying vehicle on American soil at the Los Angeles Auto Show, where the vehicle was on full display.
This compact-sized vehicle has the makings of an SUV in a much smaller package, making it ideal for young drivers and small families. Its chief competitors are likely to be the Chevy Trax, Nissan Juke, and other similarly-sized models.
The new Toyota CH-R’s features include a 2-liter, four-cylinder engine that produces 144 horsepower and 140 lb-ft of torque, and the new pint-sized sports utility vehicle is built on the same foundational structure of the much-loved Toyota Prius.
While we don’t yet know pricing for the vehicle, we do know that it will come with the many standard safety features that Toyota Safety Sense has to offer, such as Automatic Emergency Braking, Lane Departure Warning, and Adaptive Cruise Control.
If you would like to learn more about the upcoming 2018 Toyota CH-R or would just like to check out the many other vehicles that Toyota has to offer, contact us or visit us any time here at Capital Toyota in Chattanooga, TN.