Can i deduct my lease car payments from my taxes if i use my car for work issues but don't own the business?
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...and do errands for the client in my car all the time. so because i'm using...
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Answer:
You can deduct mileage if your expenses are more than 2% of your income and you itemize your deductions.
Maddie at Yahoo! Answers Visit the source
Other answers
You can't deduct the lease payment - but you can deduct mileage expense. Keep track of the number of miles you drive running errands.
Prophet 1102
No. But you might be able to get a mileage deduction. To deduct the lease payments, generally, the car has to be registered to the business and used in the business, not to a private individual. If you use the business car for personal use, the value of that is taxable income to you. You mention the word client. Are you self-employed providing services to your client. Then the lease payments are probably deductible as a business expense. Consult a tax adviser for accurate and up to date information on your particular situation.
Dan B
NO not by using your above enclosed information for this purpose at this time in your life. Topic 511 - Business Travel Expenses http://www.irs.gov/taxtopics/tc511.html Travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job. Generally, employees deduct these expenses using Form 2106 (PDF) or Form 2106-EZ (PDF) and on Form 1040, Schedule A. You cannot deduct expenses that are lavish or extravagant or that are for personal purposes. You are traveling away from home if your duties require you to be away from the general area of your tax home for a period substantially longer than an ordinary day's work, and you need to get sleep or rest to meet the demands of your work while away. Generally, your tax home is the entire city or general area where your main place of business or work is located, regardless of where you maintain your family home. For example, you live with your family in Chicago but work in Milwaukee where you stay in a hotel and eat in restaurants. You return to Chicago every weekend. You may not deduct any of your travel, meals, or lodging in Milwaukee because that is your tax home. Your travel on weekends to your family home in Chicago is not for your work, so these expenses are also not deductible. If you regularly work in more than one place, your tax home is the general area where your main place of business or work is located. Your allowable unreimbursed expenses are carried from Form 2106 or Form 2106-EZ to Form l040 Schedule A, and are subject to a limit based on 2% of adjusted gross income. Refer to Topic 508 for information on the 2% limit. If you do not itemize your deductions, you cannot deduct these expenses. If you are self-employed, travel expenses are deductible on Form 1040, Schedule C (PDF), Form 1040, Schedule C-EZ (PDF) or, if you are a farmer, Form 1040, Schedule F (PDF). Good records are essential. Refer to Topic 305 for information on record keeping. For more information on these and other travel expenses, refer to Publication 463, Travel, Entertainment, Gift and Car Expenses. Hope that you find the above enclosed information useful. 10/03/2011
Bobbie
No. You get to write off mileage at $0.50 per mile IF: 1. You itemize deductions 2. You file IRS Form 2106, Employee Business Expense 3. Your business expenses exceed 2% of your adjusted gross income 4. Your itemized deductions exceed about $5800 if single Anything under the 2% threshold and $5800 standard deduction cannot be written off. Better to ask for reimbursement from your employer.
falsi fiable
You can deduct mileage if: 1 - you qualify to itemize, 2 - the deductible amount is the portion over 2% of your adjusted gross incoem.
Cathi K
No, you can itemize the mileage.
Pascal the Gambler
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