Q: Can I deduct the entire cost of my car as a business expense?

A:

Probably not. The maximum amount you can deduct will be determined by how much you use the vehicle for business. If you use it 80% of the time and miles for business, then you can deduct up to 80% of the expenses. Check with your accountant for the current mileage deduction or reimbursement rates. They just went up the first of the year. The deductions differ depending on usage categories. For example, the deductions are different for your use of the vehicle for you profession or for using it for charitable or Church related activities. While you can get many books at your local bookseller that will answer the vast majority of your questions, the best one I have ever seen, and the one I use is “The Master Tax Guide.” It is a CCH (Commerce Clearing House) publication. CCH is a Wolters Kluwer business. Learn more at CCHGroup.com. 

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