Check the Odometer
January 4th 2009 18:33
Must remember to check the odometer reading on the car.
For two reasons:
- claiming any sort of car-related tax expense requires knowing how far the car went in the tax year. Our tax year starts January 1st.
- figuring out the car's operating cost also needs some kind of baseline. When planning trips, the cost of fuel is a big consideration, but so is the wear and tear on the vehicle, and the other maintenance costs that we tend to overlook in estimating a travel budget.
I often rent a vehicle rather than use my own if the trip is going to be a little more demanding than my in-town driving. I'd rather spend a few hundred dollars on a rental than have to suddenly replace my car for a few thousand. Sure hope this strategy pays off in the long-run...
For two reasons:
- claiming any sort of car-related tax expense requires knowing how far the car went in the tax year. Our tax year starts January 1st.
- figuring out the car's operating cost also needs some kind of baseline. When planning trips, the cost of fuel is a big consideration, but so is the wear and tear on the vehicle, and the other maintenance costs that we tend to overlook in estimating a travel budget.
I often rent a vehicle rather than use my own if the trip is going to be a little more demanding than my in-town driving. I'd rather spend a few hundred dollars on a rental than have to suddenly replace my car for a few thousand. Sure hope this strategy pays off in the long-run...
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