Ask a CPA

Yes. If you use a car entirely for business the cost of leasing is deductible. You cannot depreciate a car you lease. You can choose to deduct the standard mileage rate in lieu of actual expenses including lease payments.

Yes. If you use a car entirely for business the cost of leasing is deductible. You cannot depreciate a car you lease. You can choose to deduct the standard mileage rate in lieu of actual expenses including lease payments.

Yes. If you use a car entirely for business the cost of leasing is deductible. You cannot depreciate a car you lease. You can choose to deduct the standard mileage rate in lieu of actual expenses including lease payments.

Yes. As of 12/31/10 the ban on using the standard mileage rate on auto's used for hire such as a taxi was lifted. ,br> The standard mileage allowance for business use of a auto (including taxi's) in 2013 is 56.5 cents per mile for business miles driven.

As of 12/31/10 the ban on using the standard mileage rate on auto's used for hire such as a taxi was lifted. The standard mileage allowance for business use of a auto in 2013 is 56.5 cents per mile for business miles driven.

Beginning on January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 55.5 cents per mile for business miles driven.
The standard mileage allowance for business use of a auto in 2011 is 51 cents from 1/1/11-6/30/11 and 55.5 cents from 7/1/11-12/31/11.

No. Fines for traffic violations, parking violations are not deductible.

No. Fines for traffic violations, parking violations are not deductible.

The actual expense method allows a individual to deduct all out of pocket costs for operating the auto plus depreciation if you own the auto. Some of those costs are Gas, insurance, repairs & maintenance garage rent, lease fees, licenses, loan interest, oil changes, parking fees, tires, tolls, towing and registration fees.

The actual expense method allows a individual to deduct all out of pocket costs for operating the auto plus depreciation if you own the auto.
Some of those costs are Gas, insurance, repairs & maintenance garage rent, lease fees, licenses, loan interest, oil changes, parking fees, tires, tolls, towing and registration fees.