What percentage of gas expenses can I deduct on my taxes if I am self employed & use my car for work?

Answer 1

You can deduct all the actual expenses on your Schedule C or you can use the standard mileage rate (I think it's 44 cpm for 2006, not sure on that, but irs.gov would have it).

Answer 2

There is no fixed percentage. You need to keep track of how many miles are used for business and how many are personal. If you use the car 60% for business, you deduct 60% of expenses. If you know your business miles, you can claim the standard mileage rate instead of actual expenses. If you don't have the records, you can't claim business use of the car.

Answer 3

If a taxpayer uses his/her own car for business purposes, deduct those car expenses only relted to business.A taxpayer can deduct actual expenses or take the standard mileage rate of 401/2 cents (481/2 cents from Sept. 1 - Dec. 31 per mile. The taxpayer cannot use the standard mileage rate if he/she uses two or more cars for business at the same time.

Answer 4

you do not say what your contractor organization is that if you're a salesclerk or course guy of a few form probably one hundred% if this vehicle is used totally for the organization, if no longer, you want to keep music of what you're merchandising mileage in case you leave homestead and bypass to an section to easily paintings, it really is commuting or maybe for self employed, commuting isn't deductible something of the journeys should be, lower back, you want to keep a log of your miles you should use the surely expenses or use the mileage technique including each and every thing except tolls, and parking expenditures

Answer 5

It depends.

You need to be tracking your vehicle mileage between personal and business use.

If you use the actual cost method, you will accumulate all of your actual costs (gas, oil changes, depreciation) and you will be able to deduct the % that the car is used for business use.

You can also use the flat rate system.

Answer 6

You need to ask the tax expert go visit this site.
www.dburbcpa.com
good luck