What are the tax deductions available for vehicles?
An example of an AI chatbot conversation about tax deductions for vehicles.
What are the tax deductions available for vehicles?
You can deduct expenses related to the business use of your vehicle, including mileage, fuel, and maintenance.
How do I calculate the mileage deduction?
To calculate the mileage deduction, multiply the number of business miles driven by the standard mileage rate set by the IRS.
Are there any specific records I need to keep?
Yes, you should keep a log of your business miles, including dates, destinations, and the purpose of each trip.
Can I deduct the cost of my vehicle if I use it for business?
Yes, you can deduct the cost of the vehicle, but it depends on how you use it and the method of deduction you choose.
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