Can You Deduct Car Insurance On Schedule C?
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaI am not an accountant. There are two ways to claim the use of an automobile for business purposes. One way is to declare the miles driven in business. The government has an allowance that includes all expenses for operating the car. You apply that allowance to the mileage to determine your deduction. The other way is to itemize every expense of the automobile, in which case you would itemize the expense of the auto policy for that car.Answered on April 24, 2014flag this answer- 37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaI am not an accountant. The cost of operating a vehicle in a business is deductible on Schedule C. There are two basic approaches. If you compute the mileage accumulated for business use and apply that to a table provided by the IRS you can use that to account for the use of your automobile. That figure takes into consideration everything from insurance to gasoline. If you wish you can deduct the actual expenses as incurred, in which case you can deduct the premium for the auto insurance to the extent that it was for business purposes.Answered on April 29, 2014flag this answer
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