- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Actual expenses means what it says; actual expenses. That certainly includes parts that you buy. (Using the actual expense method with a vehicle that is mixed personal/business use, you still allocate expenses based on mileage.)
Tools is a problem; tools that are expensive and will last more than one year would generally be listed as assets to be depreciated rather than expensed, and car repair tools may not be "ordinary and necessary" expenses for a delivery driver. And tools you buy that you use business this year, might not be used for business next year. I think tools (that will go into your personal toolbox for use on all your vehicles) would be difficult to justify if audited and should probably be avoided as expense deductions.
‎June 24, 2020
1:32 PM