Question
Is auto insurance tax deductible?
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11th Dec 2009 by Tom Lindmark
No it's not tax deductible if it's for your personal automobile. If you can turn it into a business expense then the answer is yes. Just understand that you have to use the auto primarily for business and be able to justify that expense to the IRS. If your business doesn't justify the use of the auto extensively there's a good chance the expense would be disallowed in an audit. If you do use it for business and personally, take a look at deducting the expenses based on mileage driven. The IRS routinely changes their per mile allowance so check their website for the current allowance. This might give you some relief.
No it's not tax deductible if it's for your personal automobile. If you can turn it into a business expense then the answer is yes. Just understand that you have to use the auto primarily for business and be able to justify that expense to the IRS. If your business doesn't justify the use of the auto extensively there's a good chance the expense would be disallowed in an audit. If you do use it for business and personally, take a look at deducting the expenses based on mileage driven. The IRS routinely changes their per mile allowance so check their website for the current allowance. This might give you some relief.
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11th Nov 2009 In Insurance
1 Answers | 335 Views
Subjects: auto insurance,
car insurance,