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robert13meyer
Returning Member

Van

I purchased a van this year for 27,000. I have a small business. Can I write off the total cost the 1st year?

1 Reply
OpeA1
Employee Tax Expert

Van

You may be able to to do so, but it will depend on several factors: 

If it's directly related to the work you do, you can deduct it as an expense.

Work-related expenses reduce your taxes by lowering the amount of self-employment income you get taxed on. For example, if you made $50,000 in self-employment income and had $5,000 out-of-pocket expenses, you'd only get taxed on $45,000.

For state-specific questions regarding your work, click here to find your state’s Department of Revenue.

 

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

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