Ask a CPA

If you meet certain requirements to be identified as a "Performing Artist" you can deduct all of your car expenses as a adjustment to income directly on Form 1040 instead as a itemized deduction on Schedule A. There is a 5 step requirement test that must be answered before a person is identified as a Performing artist.

If you leased a vehicle for more than 30 days and you deduct the lease charges as opposed to using the standard mileage allowance then you must add to your income a income inclusion amount which is based on a IRS table.
IRS pub 463 has the lease tables.

If you leased a vehicle for more than 30 days and you deduct the lease charges as opposed to using the standard mileage allowance then you must add to your income a income inclusion amount which is based on a IRS table. IRS pub 463 has the lease tables.

Bonus first year depreciation for vehicles placed in service in 2011 that were new and used over 50% for business is $11,060 for auto's and $11,260 for light trucks and vans.

Bonus first year depreciation for vehicles placed in service in the current year that were new and used over 50% for business is $11,160 for auto's and $11,360 for light trucks and vans.

Bonus first year depreciation for vehicles placed in service in the current year that were new and used over 50% for business is $11,160 for auto's and $11,360 for light trucks and vans.

Yes. The full cost of a heavy SUV (sport utility vehicle) can be deducted if not pre owned and placed in service new and used 100% for business. If the weight is between 6000 and 14000 pounds then there is a $25,000 limit on first year expensing of the vehicle.

Yes. The full cost of a heavy SUV (sport utility vehicle) can be deducted if not pre owned and placed in service new and used 100% for business. If the weight is between 6000 and 14000 pounds then there is a $25,000 limit on first year expensing of the vehicle.

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

Yes. The IRS has developed a web site to help small business and self-employed persons at www.irs.gov/businesses/small/index.html.