Ah, renting a car — the last true marker of adulthood. As a car rental provider, you provide temporary freedom to visitors, tourists, and people caught in a clutch. But who’s got your back when tax time comes?
At Keeper, we help keep more of your hard-earned rental income by finding all the best write-offs for car rental providers. Take these write-offs for a spin, and you’ll be surprised how much lower your tax bill can be. Don’t let these savings drive past you!
If you drive for work ...
Working as a car rental provider might mean driving your own car around town — perhaps to meet with a supplier, mechanic, or detailer. Luckily, you can write off a portion of the money you spend on your car. The amount you can claim is tied to the percentage of time you use it for work.
Parking for a meeting downtown, or any other work trip, is tax-deductible!
A toll while driving to or from a work destination is tax-deductible!
Car purchase & depreciation
If you buy a new car, you can write off part of the cost every year for five years.
Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.
Car insurance & registration
Car insurance monthly fees, registration, even roadside assistance are partially deductible.
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.
If you discuss work at a restaurant ...
If you meet with a potential client for lunch to try and secure a deal, the IRS views this as a business meal, and you can claim the cost on your taxes.
Similarly, the cost of grabbing a bite or drink with mechanics, car salespeople, or fellow car rental providers can be written off.
If you discuss work with a coworker, mentor, client, or prospective client, it's a write-off!
If you work from home ...
If you work from home, on client development or managing paperwork and finances, for example, the IRS allows you to claim a portion of your home office expenses — things like a new desk or a portion of your property insurance.
A desk, chairs, lamps, and other home office necessities are all tax write-offs.
You can write off up to $2,500 for individual repairs to your property.
Gotta keep the lights on in your home office! A portion of your electricity bill counts.
Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.
It'd be hard to work in an office without running water, huh? You water bill counts.
Your Comcast bill is a tax write-off. You need internet to do your job!