If you use your car for business, did you know you can write some of its costs off?
According to Tax Topic 510 – Business Use of Car on IRS.gov:
If you use your car in your job or business and you use it only for that purpose, you may deduct its entire cost of operation.
That’s a pretty good deal in our book. But we aware, if you use your car for personal use, you can only deduct the operation costs (gas, maintenance, etc.) for the portion dedicated to actual business use. Sorry, taking the kids to soccer games doesn’t count and neither does competing on the drag strip — unless of course, you own the team!
On another note, if you find yourself in the enviable position of getting a tax refund this year, you can maximize it by taking advantage of the great deals at Advance Auto Parts–to get all those projects done in 2014.