Get the free 2013 Personal Use of Auto Worksheet.xlsx - Rickards & Company LLP

PERSONAL USE OF COMPANY CAR WORKSHEET FOR THE YEAR ENDED BUSINESS NAME: IsyourvehicletitledINTHEBUSINESSNAME? YES NO Ifthevehicleistitledinthebusinessname, preparethefollowingworksheetfor eachownerandemployeewhousesacompanyvehicleforpersonalpurposes.

How to fill out 2013 personal use of

To fill out the 2013 personal use of form, follow these steps:

1. Obtain the 2013 personal use of form from the appropriate source, such as the Internal Revenue Service (IRS) website or your local tax office.
2. Begin by providing your personal information on the form, including your name, social security number, and contact details. Ensure accuracy and double-check the information before moving forward.
3. Next, indicate the period for which the form applies. In this case, you would specify the year 2013. This is important as it ensures that the correct information is being reported and assessed.
4. Specify the type of property or assets that are subject to personal use. This could include vehicles, real estate, equipment, or any other personal assets used for non-business purposes.
5. Provide a detailed description of each asset or property, including their make, model, and year. It's essential to be as specific as possible to avoid any confusion or errors.
6. Calculate the total fair market value (FMV) of each asset or property for the 2013 period. This can be determined by analyzing market prices or consulting with relevant experts if necessary.
7. Determine the number of personal use days for each asset or property during the 2013 period. This includes any days you used the asset for personal reasons rather than strictly for business purposes.
8. Calculate the percentage of personal use for each asset or property by dividing the number of personal use days by the total number of days the asset was available for use during the 2013 period.
9. Multiply the FMV by the percentage of personal use to obtain the personal use value for each asset or property. This value represents the portion of the asset's FMV that is subject to personal use.
10. Finally, add up the personal use values for all assets or properties to determine the total personal use amount for the 2013 period. This sum will be used for tax assessment purposes.

Who needs the 2013 personal use of form? Individuals who used personal assets or properties for non-business purposes in the year 2013 would need to fill out this form. This includes taxpayers who want to accurately report and assess the personal use value of their assets for tax purposes. It is important for taxpayers to comply with tax regulations and accurately report personal use information to avoid any penalties or legal issues.

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What is personal use of auto?

Personal use of auto refers to the use of a vehicle for non-business purposes, such as commuting to and from work, running errands, or personal travel.

Who is required to file personal use of auto?

Employees who use a company-provided vehicle for personal use are required to report the value of that personal usage on their tax returns.

How to fill out personal use of auto?

To fill out the personal use of auto, employees must keep detailed records of their mileage and calculate the value of the personal usage based on IRS guidelines.

What is the purpose of personal use of auto?

The purpose of personal use of auto is to calculate the taxable benefit that employees receive from using a company-provided vehicle for personal use.

What information must be reported on personal use of auto?

Employees must report the total mileage driven for personal use, as well as the fair market value of the personal usage as determined by the IRS.