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LEARNLETS
Can I deduct auto expenses on my taxes?
If you use your car primarily for business, you can claim its depreciation as a deduction. However, there's a limit to how much you can claim each year, depending on the total value of your car. You may also qualify to make deductions for gas mileage and upkeep for your car.

Federal forms for declaring automobile deductions vary depending on the circumstances. If you're self-employed, you'll probably need to fill out IRS Form 1040, Schedule C "Profit or Loss From Business." If your business is a partnership or you're an owner of rental property, you may need to complete Form 1040 schedule E "Supplemental Income and Loss."

Consult with a tax professional, review IRS Publication 17 "Your Federal Income Tax for Individuals Tax Guide," or check the IRS website (www.IRS.gov) to determine how you can claim this deduction.


MORE LEARNLETS
Understand Octane Ratings
Calculate a Car's Cost Per Mile or Kilometer
Remove Price Tag Residue
Avoid Automobile Rustproofing Scams
   More learnlets...

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 OTHER 2TORIALS AND LEARNLETS
2torials:
Learnlets:
Autos
Travel
Business
Autos
Travel

 AUTO 2TORIALS
Change a Flat Tire
Don’t despair. Get back on the road in a jiffy.
Jump-Start a Car
Coping with a dead battery is easier than you think. Deal with the challenge of jumpstarting a car quickly and safely.
Shop for Car Insurance
Which policy’s right for you? Explore the options. Understand the costs.
Parallel Park Your Car
If the spot fits, take it! Slip into the choicest space with these easy-to-follow instructions.
Repair Scratches and Rust Spots
Nip the vicious scratch-and-rust cycle in the bud.
 More 2torials...

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