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About Self-Employed Federal Income Tax Deductions
About Tax Deductions for a Hybrid Car Purchase
About Tax Deductions for College
About W4 Tax Withholding Forms
Are Disability Benefits Taxable?
Are Hobby Expenses Deductible Under Federal Income Tax Laws?
How Do Tax Write-Offs Work?
How to Calculate Federal Income Tax to Pay to the IRS
How to File a Tax Return
How to File Late Taxes
How to File Tax Returns in 2 States
How to File Taxes for Previous Years
How to File Taxes for Years Missed
How to File Taxes on Benefits
How to File Extra Income Taxes
How to Find Tax Forms & Instructions
How to Get a Copy of Last Year's Taxes
How to Pay Taxes on Side Income
How to Revoke a Child Tax Deduction
How to Use Legal Fees as a Tax Deduction
Net Income Tax Liability Definition
Penalties for Not Filing Income Tax
Tax Deductions for Business Use of a Car
Tax Deductions to Run a Business at Home
What to Claim on Income Taxes
Tax deductions are a way for taxpayers to reduce their overall taxable income. Tax deductions and tax exem… More
Tax deductions are taken off of a person's gross income, and the net result is the net income, which is th… More
There are two main tax deductions for college--the Hope Learning Credit is good for up to $1,800 for the f… More
One of the fastest growing items in many family budgets is medical expenses. The cost of even basic medica… More
Giving money to certain charities that are registered can provide the giver with documentation to file alo… More
Employers deduct federal, state, Social Security and Medicare taxes from your gross income before issuing … More
Tax deductions for a hybrid car purchase must meet several criteria generated by the IRS. The car must be … More
The Internal Revenue Service allows a few deductions to people who work out of their homes. The rules rega… More
Tax deductions for business use of a car can either by done by keeping track of the percentage of mileage … More
Make sure that you keep your receipts in case you get audited. Learn the best ways to organize and store y… More
Federal income tax deductions for self-employed business can include the cost goods and products, rent for… More
In order to calculate estate tax deduction, it's necessary to get the IRS form 706, as this return is used… More
Moving expenses can be tax deductible. Get tips for filing your taxes in this free video clip about busine… More
You can have a day job, invest part-time and still qualify for investment tax deductions. There are certai… More
A person may decide to donate a car for multiple reasons, such as not wanting to look for a buyer and nego… More
Summary: Tax deductions for business use of a car can either by done by keeping track of the percentage of mileage used for business as compared to personal use, or by taking the standard mileage deduction. Keep track of every business trip that is taken in the car so that everything is documented for tax purposes with advice from a tax consultant in this free video on taxes.
Ken Lewellyn is co-founder of Tennessee Business Services, Inc., a Tennessee bookkeeping, tax and consultant firm which provides bookkeeping, tax and business advisory services to...read more
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"Hi, we're here to talk about using your automobile as a deduction on your tax return. If you're self employed and use your automobile you're allowed to take a deduction for either the actual expenses or a mileage deduction, for the number of miles you use it. If your vehicle's used for both personal and business your have to keep up with what percentage of it is business use, and that's the only amount that you can take on your deductions. For instance, if you drove ten thousand miles and you kept a ledger and said "O.k., four thousand of those were personal", then that would mean six thousand or 60% of your expenses could be taken as a business deduction. Typically you will either do the expenses as, things like car payments, not your payment but your lease payment or all of your expenses. Such as gas, oil, repairs, registration, insurance, that sort of thing. That's one way of doing it. The other option is to take the Standard Mileage Deduction, which depending on which year it is, will change from year to year, sometimes it even changes within the year, but, the IRS issues a specific deduction per mile that you can take. The requirement is that you keep up with your miles and you have to be able to document what you used the car for and what the reason for the trip was, how far it was, and that sort of thing. They make, at your local office supply store, they make little ledger books that you can keep up this, keep in the car, and just each time you make a trip just note the mileage, and at the end of the year, you total it up and take your deductions."
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