There’s no denying that owning a vehicle is a significant and ongoing expense.  First there is the cost to purchase the vehicle, which could be several thousand dollars even if you opt for a used car.  And a new car will lose value the minute you drive it off the lot, meaning you automatically owe more than the car is worth (ouch).  Then there is the cost of gas (which keeps going up), insurance, registration, maintenance, and all sorts of other related expenses.  By the time you’re through tallying up the cost of owning a car, you may be prepared to skip it and resort to public transportation.  But don’t drive down to the nearest CarMax just yet.  There are actually many ways to use vehicle ownership to your advantage when it comes to taxation.  Mostly, your car cannot be claimed, but there are occasions where a write-off is in order.  Here are just a few ways you can recoup costs by using your car for a deduction.

1.  Green vehicle purchase.  Although you can no longer get a tax credit for standard hybrid vehicles, the IRS has deemed that both electric cars and newer plug-in hybrids will still be eligible for this write-off.  And you could see a hefty return come tax time.  Depending on the type of vehicle you buy, you could get as much as $7,500 for the vehicle alone, with an additional $2,000 credited for the installation of a home charging station (federal credit).  And the state you live in may offer even more incentives (like California, which will throw in up to $5,000 for some vehicles).

2.  Fuel conversion.  If you can’t quite pony up the cash for a new set of horses, you may be better off doing some work under the hood of the vehicle you currently own.  Most cars can be made greener by installing an electric drive conversion kit to cut down on emissions.  This will cost a bit since you will have to purchase the kit and then hire a mechanic to install it, but it could come with a $4,000 rebate (and a reduction at the pump).  This rebate is only offered until the end of 2011, so you should jump on it soon.  Just make sure that you’ve got some life left in your vehicle; otherwise it might be more cost effective to find something new.

3.  Business vehicle.  If you are a small business owner, or a contractor who must travel frequently, you can actually write off a work vehicle.  Of course, it needs to be used either solely (or mainly) in the pursuit of business.  But if you have a vehicle that qualifies, much of the expense can be written off.  You will have to separate business and personal use if the vehicle is multipurpose, but there are many devices and programs to help you track usage.

4.  Unreimbursed vehicle expenses for work.  Any time you have to use your own car for work travel (even if you’re just driving to the airport and paying for parking for a couple days) and you’re not reimbursed by your company, you can claim the expense.  You may need to save receipts (gas, parking, maintenance, etc.) or use a mileage tracker to claim this write-off.

5.  Donation.  When your car is on the outs, you can’t sell it, and you just want it gone, consider donating it to one of many organizations that will refurbish it for needy families or auction it off to fund their charitable organization.  You can claim the standard deduction of $500, or in some cases, the auction value.

Emma Martin writes for Trucker to Trucker where you can find box trucks, sell used trucks, and browse through classifieds to find a dealer near you.

Most people use credit and debit cards interchangeably, depending on how much money they have in their checking account or how much room they have on a credit card before they hit their limit and get declined.  But the truth of the matter is that one may be better than the other.  If you’ve been using your cards without really paying attention to what you’re doing, you may not be reaping the benefits of either.  In fact, you might be incurring all kinds of debt that could be avoided if you stuck to just one type of card.  Here a just a few of the benefits and drawbacks associated with both credit and debit cards; when you know the pros and cons, you can better make a decision about which is better for you.

In this economy, a debit card may be the way to go.  Since you can only use it when there’s money in your checking account, it will definitely stop you from overspending and help you to live within your means.  In addition, it’s a lot easier to carry around than a checkbook, and debit cards are generally accepted everywhere.  Finally, it can provide you with instant access to cash (generally with no fee included – even if you can’t find an ATM associated with your bank, you can get cash back at many stores).  Unfortunately, there is an obvious downside; no money in your account means you have no spending power.  While this will certainly stop you from buying a lot of stuff you can’t afford (and probably don’t need), it could also mean you don’t have the funds available in case of an emergency such as an unexpected trip, a broken-down vehicle, or a visit to the ER.  And of course, using a debit card will do nothing for your credit rating.

Credit cards, on the other hand, address many of the drawbacks of debit.  The more you use them (and pay them off) the better your credit score will be (since they report to various credit bureaus).  This means that when you go to buy a big-ticket item like a car or a house, you’ll have the score you need to receive approval.  Credit cards will also ensure that you have coverage in case of an emergency.  And as your credit improves, you’ll find that you get lower interest rates and higher spending limits (rewards for responsible behavior).

But credit cards have a dark side, too.  They can be used to improve your credit, for certain, but if you misuse them, they can also destroy it.  And many people are simply too irresponsible to be trusted with a credit card.  You can’t look at the card as YOUR money; it’s a loan, and one that must be repaid.  Failure to do so could end with fees, increased interest rates, and even debt collection agencies calling to harass you (not to mention black marks on your credit).  And if you fail to read the fine print, you could end up paying for all sorts of things you never anticipated.

In truth, if you behave responsibly, there’s no reason you shouldn’t be able to enjoy the benefits (and avoid the pitfalls) of both of these cards.  Using your debit card the majority of the time will ensure that you don’t get in over your head with credit card debt, but keeping a credit card handy, checking credit card reviews (and paying it off in a timely manner) will help to build your credit rating and ensure that you have funding in the event that you need it.

The day you’ve been dreading has finally arrived: your car broke down and it will cost more than it’s worth to fix it.  And even though buying a new car should be a lot of fun, you’ve been putting it off because you know you don’t have the money to purchase it outright, and you’re uncertain about your prospects of getting a loan (since you recently filed for bankruptcy).  It’s the same reason you’ve avoided looking at houses, despite the fact that it’s a buyer’s market and you’re ready to settle down and start a family (which certainly won’t fit in your one-bedroom apartment).  But bankruptcy isn’t the end of the world.  In fact, if you’re smart, you’ll look at it as a new beginning.  Certainly it will be an uphill battle, and you must be prepared for the fact that it will take you a long time to build up your credit again.  But you’ll be doing it without having to face a mountain of debt, which puts you decidedly ahead of the game.  And despite the black mark on your credit report for the next several years, you can take steps now to get the loan you’ll need down the road.  Here’s how.

1.  Learn to budget.  Some people have to declare bankruptcy because of a situation beyond their control, such as illness or injury (with attendant costs not covered by insurance), or job loss.  But most of us simply never learned how to budget properly and paid the ultimate price for it.  So first things first.  In order to avoid making the same mistake twice, you need to learn to live within your means before you can even think about your credit.  Write out a comprehensive list of income versus expenses and make sure you’re earning more than you spend!

2.  Learn to save.  This is a hard pill to swallow for most people.  You work hard for your money and you want to spend it.  But again, this is part of what got you in trouble in the first place.  So once you’ve paid your bills and allotted yourself a little spending cash, put the rest into savings (and don’t touch it!).  An even better plan is to automatically remove a percentage of each pay check to your savings, and whatever is left over can be your fun money.

3.   Reduce bills.  If you’re going to rebuild your credit, the best way to start is by reducing expenditures.  Paying $100+ a month for your cable/internet/phone package (plus another fifty for the cell phone)?  Cut it down to $30 for cable, get Netflix and Hulu Plus (for TV and movies at a combined cost under $20), and spend the other $50 on a cell phone plan (get rid of home phone, which you don’t use anyway).  You’ll actually be spending less because you would have had the cell anyway.  Now look at all of your expenses and find ways to likewise reduce them.

4.  Get a secure card.  You might have trouble getting a credit card after bankruptcy.  This is actually a godsend because the last thing you need is a line of credit you can’t afford to pay.  Instead, build up your savings and get a secure card.  It is usually obtained through your bank and you must give them money as collateral.  For example, a card with a $500 limit will require you to sign a $500 check over to the bank to hold (in case you fail to pay).  At the end of a year, you’ll get your money back (plus interest) and keep the card.  You’ll also be on the path to rebuilding your credit rating.

5.   Talk to a loan agent.  Your final step is to talk to a loan agent.  While you can certainly take out a bad-credit loan, you’re going to pay a ridiculous amount of interest on it.  Instead, ask an agent at a reputable lender what they require from you in order to offer a loan.  They’ll tell you how much cash you need for a down payment and the minimum credit score required to qualify, which will give you something to work towards.

Emma Martin writes for Auto Payment Calculator where you can find information on shopping for a new car and much more.