Vehicle-expense deduction ins and outs for individual taxpayers
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. But the TCJA might reduce your deduction compared to your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through 2025, business and moving miles are deductible only in much more limited circumstances. The near-doubling of the standard deduction may also affect the tax benefit. Questions? Contact us. We can help you with your 2018 return and 2019 tax planning.