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| *Loan,banking and credit>>>car tax |
What percentage of gas expenses can I deduct on my taxes if I am self employed & use my car for work? |
What percentage of gas expenses can I deduct on my taxes if I am self employed & use my car for work? You can deduct all the actual expenses on your Schedule C or you can use the standard mileage rate (I think it's 44 cpm for 2006, not sure on that, but irs.gov would have it). You need to ask the tax expert go visit this site. www.dburbcpa.com good luck It depends. You need to be tracking your vehicle mileage between personal and business use. If you use the actual cost method, you will accumulate all of your actual costs (gas, oil changes, depreciation) and you will be able to deduct the % that the car is used for business use. You can also use the flat rate system. If a taxpayer uses his/her own car for business purposes, deduct those car expenses only relted to business.A taxpayer can deduct actual expenses or take the standard mileage rate of 401/2 cents (481/2 cents from Sept. 1 - Dec. 31 per mile. The taxpayer cannot use the standard mileage rate if he/she uses two or more cars for business at the same time. There is no fixed percentage. You need to keep track of how many miles are used for business and how many are personal. If you use the car 60% for business, you deduct 60% of expenses. If you know your business miles, you can claim the standard mileage rate instead of actual expenses. If you don't have the records, you can't claim business use of the car. |
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