How do I write off my car for Tax Purposes?

Question

I am 22 and own my own house cleaning business. I use my car to go from house to house cleaning. I am able to write my car off for taxes right?

Answer 1

You need to keep accurate records for the year of ALL the miles you drive your car, showing which are personal miles and which are business miles - and for the business miles, where you were going. You can take 48.5 cents per mile for the business miles, or actual expenses - usually the flat mileage rate works out better.

Answer 2

You will probably be better off taking the straight mileage allowance write-off of 48.5 cents per mile. You must, repeat you absolutely must, keep a log of the mileage and where you went running your business. IRS will not accept estimates for this.

Answer 3

You need to keep very careful records of your mileage and then come tax time you would decided which method, mileage/actual expenses gives you the greater deduction.

Only the BUSINESS percentage is deductible.

Answer 4

yes. the most you can write off is 20% of your car payment and gas, auto expenditures, repairs, etc. check to be sure. ex- car pymt $400, you can use $100 per mo to write off for taxes.