Yes, if you are self-employed and you used the car for business purposes in December, you may claim your car on your income tax return.
There are two methods of calculating the business use of your car. You’ll want to calculate your vehicle expenses each way and then choose the method that yields the largest deduction for you.
- The Actual Expenses method is based on the expenses you actually incur in the operation of your vehicle.
- The second method you can use to compute the business use of your car is called Standard Mileage.
To enter your self-employment business expenses, click here.
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