Business Deductions
- Amortization
- Business Losses and Net Operating Losses
- Car and Truck Expenses
- Day-Care Services
- Depreciating Business Property
- Depreciating Your Car
- Domestic Production Activities Deduction
- Health Insurance Deduction
- Home Office Deduction
- Meal and Entertainment Expenses
- Organizational Costs and Start-up Costs
- Qualified Plan Awards
- Schedule C Expenses
- Section 197 Intangibles
- Should You Sell or Trade in Your Car?
- Start-up Costs
- Travel Expenses
More Tax Topics
- Business Structures
- Hiring Workers
- Retirement
- Top Tax Myths
- Per Diem Rates - IRS Publication 1542 Oct 2011 for Travel Within the Continental U.S (for employers who pay a per diem allowance to employees)
Quick Links
Hot Topics
Need Some Deductions for 2011?
Don't overlook these!
Updated for 2011
Small Business Deductions: Car and Truck Expenses
How to Deduct Car Expenses
Deducting your business-related car and truck expenses can slash your taxes substantially, saving you hundreds, even thousands, of dollars!
There are two methods for figuring your deduction:
The mileage allowance method is a IRS flat allowance; no need to collect receipts for operating expenses or computing depreciation every year as is required if you use the actual expense method.
Next:
Car Expenses: What is the Mileage Allowance Method? Items You Can Deduct in Addition to the Mileage Allowance; Who May Not Use the Mileage Allowance Method
Related Links
- Turning Commuting Mileage into Deductible Business Expense
- Schedule C and Car Expenses
- Mileage Log
- Mileage Sampling
- Switching From the Mileage Allowance Method to the Actual Expense Method
- Leased Vehicles
- Where to Claim the Mileage Allowance
- Employees and Car Expenses
- Hybrid Vehicles
- Phaseout Rule for Hybrid Vehicles
- Qualifying for the Hybrid Credit
- Phaseout of Hybrid Credit
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