Business Deductions - Can I Deduct My Car as a Business Expense?
By Ilyce R. Glink
Q: My wife uses our car for work. A tax preparer said that we can't use this deduction because we don't own a house. Is this correct?
A:The tax preparer probably feels that you won't have enough deductions to itemize
and that you're better off taking the standard deduction. If you owned a home,
you'd be able to write off the interest you pay on your mortgage, plus your
property taxes on your federal income tax form.
Once you're doing that, the extra deductions for contributions to charities, and driving your own car for work come into play and can help to lower the tax you'll pay.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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