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Richardson TX - Auto Costs and Tax Deductions - What You Should Know
A lot of small business owners from the Richardson and Plano TX area that come into our office have questions on the use of their Auto for business on their tax return.  Questions include: What can I deduct? Lease or buy? What miles count? Here are some general rules you need to know to make sure you get every deduction allowed on your auto use!
 
First, you need to understand that the IRS allows you to choose between two options when it comes to your auto.
You can deduct the business miles driven at the IRS rate for that year OR You can deduct actual costs such as gas, repairs, insurance and depreciation multipled by the percentage of business to total miles With either method, you must know the number of business miles you drove.  
 
 
If you want to use the standard mileage rate for your vehicle, you must choose to use it in the first year the car is available for use in your business. In later years, you can choose to use either the mileage rate or the actual rate. However, if you choose to use the actual rate in the first year, you must stick with the actual method ... more

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