Article: Writing Off Vehicles As Tax Deductions
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Writing Off Vehicles As Tax Deductions
You?ve heard it a hundred times: That shiny new car your buddy just bought? It doesn?t really cost him anything. He writes off the car as a tax deduction.
Your first thought is usually, ?That can?t be right.? Your second thought is, ?I got to figure out how to enjoy that loophole.?
But what does the law say? And what are the rules for writing off vehicles? It turns out that you can write off the cost of buying and using a car if you?re self-employed and use your vehicle in your business. Specifically, you can probably deduct the business portion of your vehicle expenses on your business tax return.
But this deduction is trickier than most people realize. Here?s the first big thing that goofs many people up. You need substantiation to prove your ...
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