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Independent contractor making more money this year

Hi, I’m wanting to know if purchasing a vehicle for business will have a positive impact on my taxes for this year. I made about $15k more in the first quarter this year and am worried about my tax implications. 

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1 Reply
jacquieb
Expert Alumni

Independent contractor making more money this year

Hi @Spudmcat 

 

Congratulations on the success of your business. If you use your car only for business purposes, you may deduct its entire cost of ownership and operation (subject to limits). However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use..

https://www.irs.gov/taxtopics/tc510 

 

I would recommend using the Tax Caster calculator to enter in your anticipated income and deductions so you can estimate how much money you should pay in your quarterly estimates.

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

 

Hope this helps! 🙂

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