Michele_H
Expert Alumni

Self employed

Hi @trisia_t

You can claim the vehicle as a business asset if you use it for the business.

If you use your car only for business purposes, you may deduct its entire cost of ownership and operation.  However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use.

You can generally figure the amount of your deductible car expense by using one of two methods: the standard mileage rate method or the actual expense method. If you qualify to use both methods, you may want to figure your deduction both ways before choosing a method to see which one gives you a larger deduction.  https://www.irs.gov/taxtopics/tc510

 

Here are some more deductions that a self employed business owner 

 https://ttlc.intuit.com/community/self-employed/help/what-self-employed-expenses-can-i-deduct/00/255...

 

I hope this information helps.

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