Run Your Own Corporation by Garrett Sutton

Author:Garrett Sutton [Sutton, Garrett]
Language: eng
Format: epub
ISBN: 9781937832421
Publisher: RDA Press, LLC

Actual Expenses

The second method is the actual expense method. Actual expenses include:

•Gas and oil

•Maintenance and repairs

•Tires and brakes

•Registration and vehicle taxes

•Personal property taxes

•License fees

•Loan interest

•Lease payments

•Depreciation

•Any rent paid for garage space

•Tolls and parking fees

The percentage of business use determines the percentage of actual expenses that can be used for deduction. The math is fairly simple. Here’s an example of how it works:

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