Taxes

Tax Benefits From Business Use of Your Car

As part of your ongoing tax planning, you should consider the tax benefits available from the use of your car for business purposes. In general, taxpayers, including employees, who use their vehicles, including passenger cars, in pursuit of a trade or business are allowed deductions for ordinary and necessary business expenses of operating those vehicles and may also be entitled to depreciation. However, no deductions are allowed for personal expenses or personal use of the vehicle, including commuting; deductions are allowed only for the part of the expenses attributable to business use. Read more

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