Phone (828) 659-2772 . Fax (828) 659-3282

FAQ

Frequently Asked Questions

Common questions our clients ask us…

The following can be deducted:

– Parking fees and tolls

– Interest on a loan (for self-employed people only)

– Vehicle registration fees

– Personal property tax

– Lease and rental expense

– Insurance

– Fuel and gasoline

– Repairs, including oil changes, tires, and other routine maintenance

– Depreciation

 

The following can NOT be deducted:

– fines and tickets, including parking tickets

– expenses related to personal use or commuting

– for charity and medical expense deductions, you cannot claim depreciation, insurance, or repairs.

Yes, The cost of operating a car, truck or other vehicle is tax-deductible when driving for business purposes, medical purposes, moving and relocating, or charitable service.

The amount of your deduction is based on the number of miles you’ve spent driving for the tax-deductible purpose. You can calculate your actual car expenses, or you can opt for a standard mileage rate.