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I am a independent contractor. I used my personal vehicle to advertise. What can i deduct on Income taxes? |
I am a independent contractor. I used my personal vehicle to advertise. What can i deduct on Income taxes? Do you use your personal vehicle for any thing other advertise, you may charge yourself a fee for the use of your vehicle, most times this is already assumed on the tax table. The itemize will result in less, savings not more. Gas, Mileage, If you have signs on your vehicle to advertise, you can deduct the signs. And repairs on the vehicle. Keep all your receipts on everything. Keep a log on your mileage for just your business. As an Independent Contractor there is probably a lot more your tax adviser would be able to help you with that. You can deduct the business costs of using your personal vehicle. You can either take the total costs for the year and apportion them between personal use and business use or you can take the mileage rate of 44.5 cents per mile. If the only business use of your personal vehicle was for advertising, your only deduction would be the cost of the advertising materials applied to the vehicle. Claim that as an advertising expense, NOT a vehicle expense. |
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