... sincerely hope you are not deducting car pmts under actual expense method... IRS only allows the following:
"If you choose the standard mileage rate, you cannot deduct actual car operating expenses. That means you can't deduct maintenance and repairs, gasoline and its taxes, oil, insurance, and vehicle registration fees. The standard mileage rate includes all these items, as well as depreciation."
Go check IRS Small Business deductions regs at their website... You would be having Feds pay 100% for your car under your scenario.... when only a percentage of the car was used for business. You would have a pink slip for free! |
