Page 43 - Keeping Business Records

Car and Truck Expenses (5/5)

Car & Truck

If you use your car or truck in your business,
you can deduct the costs of operating and
maintaining it. You generally can deduct either
your actual expenses or the standard mileage
rate.

Actual expenses. If you deduct actual
expenses, you can deduct the cost of the
following items:
Depreciation
Lease payments
Registration
Garage rent Licenses
Repairs Gas
Oil Tires
Insurance
Parking fees and Tolls

If you use your vehicle for both business and
personal purposes, you must divide your
expenses between business and personal use.
You can divide your expenses based on the
miles driven for each purpose.
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