Car Expense Tax Deduction

There are a number of significant tax advantages to having a business, not the least of which is your car expense tax deduction. Yet, if you want to lower your tax bill and get the highest possible savings, you need to know exactly how to handle this. If you do it right, you’ll drive your tax bill lower. If you do it wrong, you’ll turn the wrong way and could end up in a head-on collision with an IRS audit.

Here are some car-related expenses and approaches that could save you money by claiming a car expense tax deduction at tax time:

1.General business use. IF you have a vehicle that you use solely for the operation … Read more →

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