Tag : Form 2106

How To Maximize Business Use Car Tax Deductions Whether you use your car only for work or for both work and personal reasons, many taxpayers wonder how they can maximize end of year vehicle tax deductions.

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There are two methods to calculate expenses for business use car tax deductions: the standard mileage rate method and the actual expense method. It is up to the taxpayer to decide which one is best. So which method do you chose? The Standard Mileage Rate Method The standard mileage rate is a method of deducting
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Employer Provided Truck and Car Expenses Tax Deductions When an employee is provided a car by their employer certain business use of vehicle expenses are deductible from the employees personal tax return.

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The amount that is deductible on an employees individual tax return as truck or car expenses deductions depends on the amount that the employer includes in the employees income for the vehicle expenses and the percentage of business and personal miles driven with the car for the tax year. If the employer included the full
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