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J.K. Lasser's Small Business Taxes 2018 by Barbara Weltman

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CHAPTER 9Car and Truck Expenses

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 2014 returns (the most recent year for statistics), car and truck expenses were the largest category of deductions for sole proprietors (only the cost of goods sold, which is not relevant to service businesses and in any event is not a separate deduction category, was larger). 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 ...

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