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Great question! Your insurance payments are deductible, up to the amount that the car is used for business. Your car payments are less straightforward. You can’t deduct your monthly car payments, but you can depreciate the total cost of the vehicle over its useful life (5 years). Your vehicle might also be eligible for bonus or 179 depreciation, which means you could write off even more of it in the first year.
For more information, check out our guide to car depreciation here!
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Great question! Your insurance payments are deductible, up to the amount that the car is used for business. Your car payments are less straightforward. You can’t deduct your monthly car payments, but you can depreciate the total cost of the vehicle over its useful life (5 years). Your vehicle might also be eligible for bonus or 179 depreciation, which means you could write off even more of it in the first year.
For more information, check out our guide to car depreciation here!
No answer given yet!
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