In Part 1 we looked at the difference between business use and personal use for a vehicle, and discussed how to track and deduct actual auto expenses versus tracking business-related miles. (Read Part 1 here.) In Part 2 we will explore the advantages of using the standard mileage rate over actual expenses for business, and […]
Archives for January 2015
The Lowdown on Auto Expenses—Can I Deduct My Car? (Part 1 of 2)
Running a business can be expensive. Fortunately, the IRS allows certain expenses to offset your business income. A key source of such deductions is your vehicle business expenses. In what follows, I will sketch an outline of how vehicle deductions work and help you determine the deduction method that is right for you. First, what […]