- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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
I hope this information helps.
**Mark the post that answers your question by clicking on "Mark as Best Answer"