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Can I Deduct My Pet's Medical Expenses on My Taxes?
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Can You Claim Your Car Insurance on Your Taxes?
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Automobile insurance covers any damage that occurs to a car, as well as damage that occurs to another pers… More
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Automobile liability insurance covers the insured for damages caused to a third party while driving. Purch… More
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Summary: Car insurance premiums cannot be claimed as a tax deduction unless the car is being used as a business expense. Deduct the percentage of expenses for an automobile that is being used for business purposes with help from a tax bookkeeper in this free video on taxes and claims.
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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"We're here to answer the question, can I take my car insurance premiums as a deduction on my tax return? The answer is no, probably not unless you're in a business. If you're running a business and you're using your car as part of the business, then that could be a legitimate expense. And again typically you will either take all of your expenses for the automobile and whatever percentage of those is used for business, you would apply the factor to the expensed and take that deduction. For instance if you took 50% of your miles were personal, 50% were business, you would take half of all your expenses and deduct those. Now you can take things like insurance, you can take the cost if you're leasing the car or if you're paying interest on a car, you can take depreciation, oil, fuel, tires, repairs, that sort of thing. The other option is to take the per mile deduction and the IRS will give you a number that is the allowable deduction per mile and again you would take whatever number of miles that you used for business times the amount that they give you per mile and that would be your deduction. But the answer to the question, can I take a deduction just on my personal return, the answer is no, not unless you got a valid business."
eHow Article: Can You Claim Your Car Insurance on Your Taxes?
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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