You don’t have to be in business to deduct certain vehicle expenses

You don’t have to be in business to deduct certain vehicle expenses

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You don’t have to be in business to deduct certain vehicle expenses

When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. Individuals may also be able to deduct them in certain circumstances. Unfortunately, under current law, you may be unable to deduct as much as you could years ago.

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Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers

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vehicle expense deduction

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return.
Continue Reading: Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers