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
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Sales Tax
Sales tax is added to the cost (basis) of the vehicle and therefore, gets deducted via depreciation deductions rather than as a separate deduction.
Less than 100% Business Use:
If you use your vehicle less than 100% for business, you may deduct the personal-use portion of the sales tax on Schedule A (if you itemize) if it's more than your state income tax deduction. In other words, on Schedule A you have a choice of deducting the greater of sales taxes or state income taxes paid during the tax year.
Next:
Car Expense: Alternative Motor Vehicles or Plug-in Electric Vehicle Conversions
Related Links
- Turning Commuting Mileage into Deductible Business Expense
- Personal Property Tax Included in Vehicle Registration Fee
- Audit Proofing Your Car Deduction
- Tracking Business Miles
- Estimates of Car and Truck Expenses
- Mileage Sampling
- Electric Cars
- Annual Depreciation Limits for Electric Cars
- Should You Sell or Trade in Your Vehicle?
- Nontaxable Exchange (trade-in old vehicle)
- Taxable Sale of Car
- Computing Basis of New Vehicle When Trading In Old Vehicle
- Alternative Motor Vehicles or Plug-in Electric Vehicle Conversions
Copyright © 2008-2012 Larry Villano. All rights reserved.