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posted May 31, 2019 10:13:32 PM

Can I write off buying new tires when driving for work?

I drive clients for work in my own car. I am required to maintain extra insurance which is more expensive and pay for all the wear and tear on my car. Are these charges including needing to purchase new tires expenses I can write off? (I popped a tire while transporting clients)

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Alumni
May 31, 2019 10:13:34 PM

You can claim deductible business auto/truck expenses in one of two ways.

  • IRS Mileage Rate:  You can claim business miles times the IRS mileage rate. IRS mileage rates for business activities are $0.56/mile in 2014, $.575/mile in 2015, $0.54/mile in 2016 and $0.535 in 2017. You can add parking and tolls to the mileage rate.
  • Actual Cost: You can claim your actual costs including depreciation times the percentage that you use your car for business. Actual costs would include gas, oil, insurance, repairs, etc. Payments on a note would not be deductible. The cost of the vehicle would be deducted through depreciation instead (or lease payments if you lease it.)

Where to Deduct:

·         If you are an employee, they are a miscellaneous itemized deduction. Miscellaneous itemized deductions are only available if you qualify to itemize and only to the extent that they exceed 2% of your Adjusted Gross Income. Turbotax explains the 2% limit here.