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You may be able to deduct your car insurance on your taxes, assuming the vehicle is used for business purposes. It's important to note that a licensed tax consultant (your CPA or accountant) will advise you how to deduct the expenses (if possible) and which part of the tax return should be utilized.
The best person to answer this question would be your tax professional such as a CPA. Information you may want to provide them would include the following:
* is the car leased or owned
* how is the car used (business, personal, business & personal)
* what type of business (sole proprietor, LLC, S corporation, partnership, etc)
* is the car covered on a personal or business policy
* how it the car registered and titled
Understanding if, when, and how a car as well as its costs such as insurance can be written off is probably good to know before you buy or lease your next vehicle so you can put all the pieces in place appropriately.
That's a great question! The answer will depend upon what you are using the car for. If it is your family car, and the family insurance policy, sorry, but probably not. If you are using it for both family and work, then you want to get a tax attorney or tax professional's opinion. You may be able to deduct a portion. If It's a business car, with a business policy, then most likely yes, you can. Two things to remember: Always consult a tax expert when deciding what to claim as a deduction; and if you are using the family car for business, and have it marked in some way to advertise or designate your business and get into an accident, you may get a nasty surprise when you file the claim. Many insurance companies will tell you that since the car was being used in a business capacity, it is not insured unless covered by a business policy and deny your claim. If you would like more information, please feel free to contact me, I'm happy to help. Thanks for asking!
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* is the car leased or owned
* how is the car used (business, personal, business & personal)
* what type of business (sole proprietor, LLC, S corporation, partnership, etc)
* is the car covered on a personal or business policy
* how it the car registered and titled
Understanding if, when, and how a car as well as its costs such as insurance can be written off is probably good to know before you buy or lease your next vehicle so you can put all the pieces in place appropriately.
Great question!