carmen_t
Employee Tax Expert

Self employed

Hello and thank you for your question.  You will be able to deduct vehicle expenses for your self employed business.  You will have the option to chose standard mileage rate or actual expenses.  For standard mileage I recommend a mileage tracker app.  Quickbooks has a great one that conforms the mileage log to IRS standards.  Actual expenses you will maintain receipts to enter in those direct vehicle expenses (gas, insurance, repairs, loan interest, etc.)  There is a question in TurboTax if the vehicle is leased or not.  As mentioned before how these lease payments are accounted for depend if standard mileage rate is used or actual expenses.  I hope this answers your question.  I included a link below to a support article as well below.

 

Where to enter lease payments in TurboTax