One item people are prone to missing is that even if you use the per mile rate for vehicle expenses, you can still deduct a prorated portion of your car loan interest.
Otherwise it really depends on your line of work, the same things are not deductible for all types of business. Farming has a lot of treatments that are different than renting out properties, or running a restaurant, or offering child care in your home.
One item people are prone to missing is that even if you use the per mile rate for vehicle expenses, you can still deduct a prorated portion of your car loan interest.
Otherwise it really depends on your line of work, the same things are not deductible for all types of business. Farming has a lot of treatments that are different than renting out properties, or running a restaurant, or offering child care in your home.
That’s interesting about the vehicle interest. I thought the mileage rate was supposed to cover EVERYTHING.
Yes, that’s why it often gets missed. To the IRS it is debt costs, not vehicle expenses. So it’s still deductible.
Ohhhhhhh that makes total sense.