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Who can deduct car expenses?

2019 – 08/05 Who can deduct car expenses on a tax return? Business owners and self-employed persons who use their cars for business may be able to deduct car expenses, the IRS reminds us. But if a car is used both for business and personal purposes, the expenses must be split based on mileage. There are two methods for figuring car expenses: actual expenses and the standard mileage rate (for 2019, 58 cents per mile). Both require careful recordkeeping. Prior to 2018, some employees who used their cars for work could deduct expenses, but that’s no longer true even if costs aren’t reimbursed. Certain exceptions exist. For details, including a list of “actual expenses,” click here: https://bit.ly/2Y8oAFQ

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