Due to the ongoing situation with Covid-19, we are offering 3 months free on the agent monthly membership with coupon code: COVID-19A
With an RE Technology membership you'll be able to view as many articles as you like, from any device that has a valid web browser.
Purchase AccountRE Technology lets you freely read 5 pieces of content a Month. If you don't want to purchase an account then you'll be able to read new content again once next month rolls around. In the meantime feel free to continue looking around at what type of content we do publish, you'll be able sign up at any time if you later decide you want to be a member.
Browse the siteMarch 28 2017
Are car repairs tax deductible? Yes, if you use your car for business, but there are some rules and specifics to know.
The actual expense method allows you to write off many costs. This includes business driving costs, car repairs and car improvements. You add these costs to your other annual expenses.
If you use the standard mileage rate, you get no deduction for repairs. These are already factored into the standard rate (53.5 cents per business mile in 2017).
With the actual expense method, you may only deduct your business use percentage of your car repairs and improvements. If you drive your car 50 percent of the time for business, you can deduct 50 percent of the repair costs. The remaining costs is a non-deductible personal expense. You may deduct the cost of parts and depreciate the cost of tools if you fix the car yourself. But, there's no deduction for your labor.
Many of the expenses you incur to keep your car running are currently deductible—that is, the full amount can be deducted in the year incurred. Yet, some must be depreciated over at least five years. It all depends on whether the expense is for: