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Guide to Vehicle Deductions

The details for deducting business vehicle expenses can be found in IRS Publication 463. Using most popular tax software programs, a worksheet is used to feed the deductible cost into the Schedule C vehicle expense line. This discussion is a general overview, focused on self-employed individuals that own or have financing on a car […]

Deducting a Home Office

 

Complete information for taking the Home Office Deduction can be found in IRS Publication 587. The deduction is calculated on Form 8829, which transfers to Schedule C. It should be noted that employees who receive a W-2 may also be eligible to claim a home office as an itemized deduction, however this information […]

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