|
Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc. |
|
Thread Tools | Display Modes |
#1
|
||||
|
||||
Vehicle Insurance Claim
Hi Tom-
I have a 1million dollar policy on my vehicle for the purpose of transporting the DCKs for Field Trips. I am doing my own taxes this year and am using MMK for my accounting and tracking of expenses, etc. I pay $310.00 each month for my auto insurance which is not 100% business. I would say its about 60% business use. when I entered my vehicle insurance under actual vehicle expense, it is only allowing me to claim about 20% of the payments made. Does this sound correct? I am a little concerned, because I am paying almost triple in insurance to obtain this policy, but only going to be able to claim 20%??? Thanks so much for your help, daycare |
#2
|
||||
|
||||
car insurance
MM is calculating your actual use % of car insurance based on the number of business miles you drove divided by the total number of miles you drove - 20%.
You can deduct 100% of the cost of any additional insurance you purchased for your business.
__________________
http://www.tomcopelandblog.com |
#3
|
||||
|
||||
Quote:
I only use my DC vehicle when we go on family vacations or I have to transport several people, which is almost never. I never use it on a daily basis for personal usage. I am really lost here.... |
#4
|
||||
|
||||
Quote:
__________________
http://www.tomcopelandblog.com |
Tags |
tom copeland, vehicle insurance |
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Vehicle Claim | daycare | Daycare and Taxes | 6 | 01-03-2013 01:04 PM |
Home Insurance Rider Vs. Stand Alone Policy | jolson | Daycare Insurance | 7 | 11-01-2011 08:49 AM |
Daycare Insurance? | kknbearsmommy | Daycare Insurance | 9 | 02-02-2011 09:35 AM |
Mortgage/Taxes, Vehicle Insurance | My4SunshineGirlsNY | Daycare Insurance | 3 | 01-13-2011 10:12 AM |
Where to get Business Insurance and Cost? | kpa0627 | Daycare Insurance | 1 | 06-08-2010 07:35 AM |