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Tax Write-Offs and Car Title Loans

MoneyWith this year’s tax filing deadline quickly approaching, individuals are searching for viable write-offs to increase the amounts of their refunds or, at the very least, to prevent themselves from paying too much. One of the most-used tax write-offs is the charitable donation. Giving to charity has long been used by everyone from the extremely wealthy to the middle class to gain an advantage come tax time. While you cannot donate now and have it count toward last year’s income tax return, here are some things to consider for 2016.

 

Keep Your Receipts

 

No matter what you donate, be sure to get a receipt. The receipt must include the date of the donation. Income tax returns are filed by the calendar year. Your receipt must be dated for the tax year you are claiming, or the donation will not count. You can donate tangible items or give with a payment made by a credit card or check, but you must have a receipt to show the donation was made during the tax year.

 

Credit Card Donations

 

If you make a donation by credit card, it is deductible for the tax year in which the donation was made. It does not matter if you do not make your credit card payment until the following year. For donations made by check, as long as the check is mailed by December 31, the contribution is deductible for that tax year.

 

Are You Planning to Move?

 

If you are moving this year, you can lighten the load and get a tax deduction all at once. Instead of taking that extra car, boat, or RV with you, donate it to a charitable organization. The amount of your write-off will be based on the fair market value at the time the charity sells the item. This amount is not the same as what you would ask when selling the vehicle on your own. This applies to all deductions over $500.

 

Interest Payments

 

There are certain types of interest payments that can be written off. Interest on a home loan counts as a write-off. That includes mortgages and home equity lines of credit. Any interest paid on outstanding student loans is also deductible. What is not included is any interest paid on credit cards, auto loans, car title loans, or payday loans. Embassy Loans, a Florida-based car title loan company, suggests you consult a tax professional for help in determining which interest payments are tax deductible.



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.