Auto Insurance Question
Am I able to deduct a portion of my auto insurance if I am driving the children back/forth to the bus stop daily and to the park/school occasionally?
Are gym memberships deductible? |
You are able to deduct the registration dues you pay each year for your tags on your car. You are also able to deduct the tax you paid for the purchase of a new or used car. You can deduct the miles you drive children back and forth.
From my understanding, unless you carry commercial insurance (which is what is required here to transport children), you can not deduct the insurance. And, no, a gym membership is not tax deductible. |
car expenses
You can only deduct car insurance if you use the actual expenses method of claiming car expenses. You don't need to have commercial insurance to be able to deduct it. If you use this method you can also include the sales tax of the vehicle as part of the cost of the car when you depreciate it.
If you use the standard mileage method you cannot claim the sales tax on the purchase of a vehicle Whether you use the standard mileage method or the actual expenses method, you can deduct the business portion of car loan interest and the property tax (tax paid as part of your registration each year - doesn't exist in all states). You can't deduct gym membership. Join me for my webinar "2011 Family Child Care Tax Update: How to Reduce Your Taxes" on February 9th, 8:30pm Eastern Time. For more information:http://events.r20.constantcontact.co...&llr=yatrx4cab |
Yes, you can deduct a portion of your auto insurance. How much will differ by state so you will need to talk to a local tax expert.
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Originally Posted by RPrunell: As for gym memberships, no. |
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