What vehicle expenses can I deduct on my taxes?
An example of an AI chatbot conversation about vehicle expense deductions for tax purposes.
What vehicle expenses can I deduct on my taxes?
You can deduct expenses like fuel, maintenance, insurance, and depreciation. Are you using your vehicle for business?
Yes, I use it for my delivery business. How do I calculate the deduction?
You can choose between the standard mileage rate or actual expenses. The standard rate is simpler, while actual expenses require detailed records.
What’s the current standard mileage rate?
As of 2023, the standard mileage rate is 65.5 cents per mile. Make sure to keep a log of your business miles!
Can I deduct expenses for a vehicle I also use personally?
Yes, but you can only deduct the portion of expenses related to business use. Keep accurate records to support your claims.
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