Honda Financial Tips for Tax Time

Even though Tax Day has passed, tax planning is something that should happen all year long. This is the best way to help ensure you don’t overpay Uncle Sam and to maximize your deductions. The Honda financial center at Pacific Honda has some tips that can help.

Business Usage

While a car you have just for personal use won’t help you too much with taxes, a business vehicle will. This is because in many cases, you will be able to deduct the costs of car payments, along with things like fuel and maintenance. Even if you only use the car some of the time for business purposes, you can still write off these expenses, and you can do this whether you lease or buy.

Electric Vehicles

Did you recently purchase an electric vehicle? You may be eligible to save a lot of money in taxes. The federal government offers a tax rebate of up to $7,500 for certain new EVs and up to $4,000 if they are used. It’s possible that you can also get a rebate from California for your vehicle.

Using Your Refund Wisely

Even if you weren’t able to receive any tax breaks related to your car, you may still get a tax benefit in the form of your refund. If you got a nice one from the government and are in the market for a car, this could be a big help. Add the value of your trade-in along with some savings, and you may have a sizable down payment.

Visit Our Honda Financial Department in San Diego, CA

Need more information about taxes when it comes to your vehicle? Get in touch with Pacific Honda. You can speak to one of our financing professionals for tips or guidance.