Thursday, September 4, 2008

As an dba can i deduct on my taxes my car and gas i use my car for business 75% -

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Not sure what a dba is but if you itemize deductions, you can claim certain mileage allowance (if it exceeds a threshold) or you can try keeping detailed records of all car-related expenses and them claim a fraction of those costs as business expense. But unless you have lots of itemized deductions you might not benefit from going the full itemized deduction route.

When you figure your yearly mileage, you take the percentage average from your daily mileage log that is related to business. The mileage from home to your place of business is considered a personal expense, so don t count it. Be careful of trips that include stopping for a gallon of milk as well as meeting a client for lunch. Uncle Sam loves to inspect your daily log, and your business calendar.

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