secure plus financial
7 Tax Strategies: Don't forget to Deduct your Interest Expense
Financing Equipment and Vehicles
Many businesses finance their equipment or vehicles and give monthly payment.
Sometimes these can be a good idea as you may want to keep working capital at hand for other expenses.
If you do finance, you are paying interest on the loans. That interest is tax deductible! This deduction can be helpful, mainly because the interest rate for financing your truck can be high.
Make sure to ask your bank or financial institution for the amortization schedule on loan to accurately deduct the interest.
Your amortization schedule is not available? Let’s talk about generating a fair estimated amortization schedule for you:
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