Buying a new car as an Independent Contractor

[Olivia Marie]

Hi all, I bought a used car and are financing part of it and I wanted to know if/ how I could deduct it from my taxes as an IC.

Thanks!

[VolvoGirl]

That's nice.  Do you have a question?  You need to use the Online Self Employed version or any of the Desktop CD/Download programs.

[DoninGA]

As an independent contractor with self-employment income and expenses you would need to use the TurboTax Self-Employed online edition to report your business - https://turbotax.intuit.com/personal-taxes/online/

Or you can use any of the TurboTax desktop CD/Download editions (Home & Business is recommended but not required) - https://turbotax.intuit.com/personal-taxes/cd-download/

TurboTax Self-Employed information website - https://turbotax.intuit.com/personal-taxes/self-employment-taxes/

[Olivia Marie]

Yes sorry I wrote in the question but it cut it off. I was just saying that I bought a used car and are financing part of it and I wanted to know if/ how I could deduct it from my taxes as an IC!

Thanks!

[Olivia Marie]

Sorry, I fixed it, I think you can see my question now:)

[Anonymous]

you'll need to keep track of business and personal mileage.  that will be used to determine the portion of the cost that can be expensed.  your depreciation options are 179 and/or bonus. on schedule c input screen they be a link to enter your vehicle info.