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Great question! The short answer — yes. Generally you have two options:
1) Track your business mileage and claim the “standard mileage deduction” on your taxes, which is $0.56/mile in 2021
2) Add your vehicle as a “listed asset” on your tax return and claim the actual business costs of the vehicle.
It doesn’t matter that it was purchased 18 months prior, all that matters is when it was “placed in service,” which would be the date you started driving for work. For a more in-depth instructions, check out our Guide to Car Tax Deductions on Keeper Tax’s Free Resources page!
No answer given yet!
Great question! The short answer — yes. Generally you have two options:
1) Track your business mileage and claim the “standard mileage deduction” on your taxes, which is $0.56/mile in 2021
2) Add your vehicle as a “listed asset” on your tax return and claim the actual business costs of the vehicle.
It doesn’t matter that it was purchased 18 months prior, all that matters is when it was “placed in service,” which would be the date you started driving for work. For a more in-depth instructions, check out our Guide to Car Tax Deductions on Keeper Tax’s Free Resources page!
No answer given yet!
Keeper Staff
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