01 May 2019 Tax Deductions for Business Vehicles
Beginning in 2018, employee business expenses are no longer tax deductible. The tax deduction for business vehicle expenses applies only to self-employed persons.
If you use your car or truck in your business, you may be able to deduct the costs of operating and maintaining your vehicle. You also may be able to deduct other costs of local transportation and traveling away from home overnight on business. If you use your car or truck for business purposes, you can deduct expenses using either the standard mileage rate or actual expenses. Note: You must claim the standard mileage rate in the first year if you want the option of claiming the standard mileage rate in later years.
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There are many events that occur during the year that can affect your tax situation. However, negative tax effects can be avoided by proper planning. Please contact us in advance if you experience any of the following:
• Pension or IRA distributions.
• Sale or purchase of a residence or other real estate.
• Significant change in income or deductions.
• Retirement.
• Job change.
• Notice from IRS or other revenue department.
• Marriage.
• Divorce or separation.
• Attainment of age 59 ½ or 70 ½.
• Self-employment.
• Sale or purchase of a business.
• Charitable contributions of property in excess of $5,000
This page contains general information for taxpayers and should not be relied upon as the only source of authority. Taxpayers should seek professional tax advice for more information. Copyright © 2019 Tax Materials, Inc. All Rights Reserved