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Tax Strategies for the Small Business Owner: Reduce Your Taxes and Fatten Your Profits by Russell Fox

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The Car

The avoidance of taxes is the only intellectual pursuit that carries any reward.

—John Maynard Keynes

The second largest investment for most Americans is a car. For most business owners, an automobile is an essential investment; it’s used to meet potential clients, deliver products, and for business errands (going to the bank or the post office).

This chapter focuses on what can and cannot be deducted in relation to automobile expenses. There are very specific rules on recordkeeping that must be followed if you want to deduct the business use of your car.

Automobile Expenses: The Basics

Like any other expense, you are allowed to deduct ...

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