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Old 02-18-2010, 05:40 PM
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auto expenses

I know that I can't write off my ignition interlock installation, but can I write off the montly monitoring expense?



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Old 02-19-2010, 09:20 AM
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If you generally use your vehicle for business, I see no reason why you cannot deduct both the Ignition interlock installation and the monthly monitoring expense related to your vehicle, provided you use the actual expense method of expenses versus the mileage method.

If you happen to select the actual expenses method for reporting auto expenses you must also apply the business percentage useage to the total vehicle expenses. Thus, the actual deductions allowed would be dependent on the percentage of business usage.

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Old 01-05-2011, 04:01 AM
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Re: auto expenses

Auto insurance protects the policyholder against financial loss in the event of ..... There are two main types of legal expenses insurance: before the event.
---------------------------------
Earl Nunes



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Old 12-05-2011, 06:38 AM
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Vehicle expenses paid exclusively for your business activity can be
fully deductible. Many people do not take full advantage of deductions
for their vehicles, and many times it’s because they don’t know what
they are allowed to deduct. It depends on whether you will be using
the standard mileage deduction or actual expense method. Using the
actual method might be more beneficial if your vehicle incurred a lot
of expenses during the year.
Usually the largest vehicle expense that you can deduct is
depreciation, which allows you to deduct the value of your vehicle
over a period of 5 years. Many times, this is the factor that
determines which expense method will be used.
Other deductible costs include car insurance, DMV registration fees,
tolls, parking, gas, oil changes, tune-ups, tires, maintenance, etc…
When deducting actual vehicle expenses, it is very important to keep a
track of costs and receipts. If you do not use the vehicle solely for
rental activity, then you should keep a record of mileage traveled for
your business, so you can deduct a percentage of the vehicle’s actual
expenses.
Whether using the standard mileage or actual expense deduction, be
sure to record all expenses related to your rental activity. You
usually won’t know which deduction method to use, so it’s best to just
keep a journal of all vehicle activities.
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Old 01-03-2012, 10:31 AM
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To get insurance for your auto is best for us or not, I mean to say, if I get insured of my life rather than auto, so, is this not best for me?


Last edited by TaxGuru : 01-03-2012 at 11:24 AM.


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