Ask a CPA

Vehicles such as vans, SUVs, trucks that weigh more than 6,000 pounds are not subject to depreciation dollar deduction limitations.

Yes. There is a credit for plug in electric vehicles. In the current year the credit is up to $7,500 regardless of the vehicles weight.

There is a credit for plug in electric vehicles. In the current year the credit is up to $7,500 regardless of the vehicles weight.

You should maintain a log or diary of your auto expenses. If you use the actual expense method you should save the actual receipts for gas, oil, insurance, repairs, lices and taxes. If you use the mileage deduction method you need to maintain a log or diary which lists the date, destination, business purpose, mileage driven (odometer start/end) type and amount of other expenses incurred. Currently there are phone applications for mileage documentation.

You should maintain a log or diary of your auto expenses. If you use the actual expense method you should save the actual receipts for gas, oil, insurance, repairs, licenses and taxes. If you use the mileage deduction method you need to maintain a log or diary which lists the date, destination, business purpose, mileage driven (odometer start/end) type and amount of other expenses incurred. Currently there are phone applications for mileage documentation.

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.