cars  how to  taxes


Question by  muffinx1 (232)

How do you write off cars on your taxes?


Answer by  Travis404607 (3916)

You cannot write off a car on your taxes unless it was purchased for your business, and this should only be done if it meets the requirements listed in the IRS tax guides.


Answer by  runnerbeans (374)

If you use your car for a business, you can write off car expenses. You can select either to use actual expenses or the standard mileage rate and will report this on either Schedule C or Form 4562. Consult a professional tax preparer for specific help.


Answer by  Bob85 (203)

Cars can be written off for taxes if they are used for business. The IRS requires you keep detailed mileage logs for the cars. You cannot deduct commuting costs which is defined as going from your home to your office. For example, after going from your office you visit clients, that mileage is deductible.


Answer by  tkarlav (1502)

It all depends on what you use the car for. As far as owning your own bussiness most states have laws and limits, check with an accountant to be sure.

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