October 2013
Beginner
610 pages
17h 28m
English
book
J.K. Lasser's Small Business Taxes 2014: Your Complete Guide to a Better Bottom Line
by Barbara Weltman
Content preview from J.K. Lasser's Small Business Taxes 2014: Your Complete Guide to a Better Bottom Line
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Car and Truck Expenses
Deducting Car Expenses in General
Employee Use of an Employer-Provided Car
Americans are highly mobile, and the car is the method of choice for transportation. If you use your car for business, you may write off various costs. The IRS reported that on 2010 returns, car and truck expenses were the second largest category of deductions for sole proprietors (second only to wages). In order to nail down deductions for these expenses, you must carefully observe certain recordkeeping rules. There are 2 methods for deducting costs: the actual expense method and the standard mileage allowance. In order to use either method, you must maintain proper records for business driving.
For further information about deductions with respect to business use of your car, see IRS Publication 463, Travel, Entertainment, Gift, and Car Expenses.
Deducting Car Expenses in General
The discussion in this chapter applies to cars used partly or entirely for business.
Car Any 4-wheel vehicle made primarily for use on public streets, roads, and highways that has an unloaded gross vehicle weight of 6,000 pounds or less (the manufacturer can provide this information). ...
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