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Old 02-01-2012, 10:04 AM
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TomCopeland TomCopeland is online now
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Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 2,790
Default 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
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