Motor Vehicle Expenses
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Track your mileage and lower your taxes! As a self-employed individual, the cost of getting around for your business can be a significant expense. Luckily, many of those costs can be deducted to reduce your taxes. To figure out what you can claim, it's essential to keep a detailed logbook to track the percentage of time your vehicle is used for business purposes. Let's explore those deductible expenses below:
Auto Lease Payments
Auto Lease Payments
Monthly lease payment
Lease initiation and disposition fees
Electricity for zero-emission vehicles
Electricity for zero-emission vehicles
Electricity for a zero-emission vehicle
Installation of a charging station
Fuel and Oil
Fuel and Oil
Gasoline, propane or diesel for your vehicle
Oil, and Oil change services
Interest
Interest
The interest portion of your car loan payment
Insurance
Insurance
Vehicle insurance for
Liability insurance
Supplementary business insurance
License and Registration
License and Registration
Vehicle License and registration expenses
Maintenance and repairs
Maintenance and repairs
Air filter replacement
Batter check
Car washes
Coolant flush
Tire rotation and alignment
Vehicle detailing
Vehicle inspection
Vehicle repairs
Windshield wiper replacement
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