What is the tax deduction on vehicle?
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aurthur
Apprentice
Joined: 27 Aug 2004
Posts: 10
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 Posted: 09/16/07 - 04:56 Post subject: |
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| Hello, I was thinking about starting my own business. I had some financial problems but with the help of my parents I mange to overcome them. I do not have mush experiences but I am positive I will be successful. My plan involves vehicles and I would be using one in the course of my business. That is why I would like to know more about tax deduction on vehicle. Can someone help me on this matter? |
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anders
Apprentice
Joined: 12 Aug 2006
Posts: 17
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| Posted: 10/05/07 - 22:20 Post subject: |
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| Hi, I do not have to mush experiences in these sorts of things but to my knowledge the cost of fuel or motor oil are allowable tax deductions. When you pay the registration fees, cost of maintenance that can also be allowable tax deductions. You have to save the receipts as well. But you have to be aware that you must make the difference between personal use and use for business. Therefore, if you use the vehicle in personal causes you do not have the right for tax deduction. |
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