Have you started your taxes yet? If not, it’s time to get started. Before you know it, you might be too late!
Fortunately, there are different deductions available to you, and a good handful of those are based on your vehicle. Here are a few examples of car-related tax deductions to keep in mind:
- General business use – If you use your car exclusively for business, you may be able to write it off entirely.
- Business miles driven – If you use your car sometimes for work and sometimes for leisure, you may be able to write off the miles you drove while on the job.
- Sales tax on older vehicles – Some vehicles that were purchased before 2010 are eligible for special deductions.
- Depreciation – This one’s a bit tricky, but if your car has depreciated in value and you use it for work, you may be able to get even more back for it.
Of course, if you are unsure what applies to you or how to appropriately file your taxes, you should seek the help of a professional.
For more car-related tips, visit us anytime at Economy Nissan in Durango, CO!