If you are self-employed or have a small business and you use your Pontiac cars for business purposes, there are several tax deductions you may be missing. Here are some last-minute tax tips you can use for your Pontiac cars if you are still filling out your taxes.
• Between January and June of 2008, your standard mileage allowance is 50.5 cents per mile driver for business purposes. For the months of July to December of 2008, the allowance increased to 58.5 cents per mile because of the higher gas prices. Both allowances are better than the one in 2007, which was only 48.5 cents per mile.
• You can either deduct the mileage on your Pontiac cars for small business or deduct the actual expenses. However, you must use the same method each year. You cannot switch from the mileage method one year and switch to the actual expense method the next year or vice versa.
• The actual expense method allows you to deduct the amount of depreciation, oil, maintenance, insurance, gas, parking fees, tolls, towing fees, license fees and much more. If you are self-employed, you may also be able to deduct the interest on your car loan if you use your Pontiac cars for your business.
These are just a few things to keep in mind and ask your accountant about. These days, every little deduction helps!

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