Kia in Springfield: Deducting Car Expenses At Tax Time
Kia in Springfield: Deducting Car Expenses At Tax Time
With the festivities of the holiday season behind us for another year, many consumers will now turn toward a less anticipated season. The beginning of a new year means it is once again time to prepare annual tax returns. Car ownership can be costly and more often than not expenses are absorbed into the owners budget. In some cases however, certain car expenses may qualify as a tax deduction or tax credit, making it possible to recoup some of the money invested in your vehicle. Here at Kia in Springfield we want to make sure you are getting all the deductions and credits for which you are eligible. Always consult with a tax professional with any questions you may have regarding tax issues.
What expenses qualify
There is no simple answer as to what expenses associated with car ownership are tax deductible. In fact, Kia dealers remind drivers that it is possible that none of your car expenses will qualify. For individuals who use their vehicle for business purposes, to travel to and from medical appointments and for charitable work, the following expenses may be deductible.
Gas
Insurance
Tolls
Parking expenses
Lease payments
Repairs
Tires
Depreciation
Registration fees
As previously stated, determining which expenses qualify as tax deductions is best determined by a tax professional. Kia dealerships in Pennsylvania encourage all drivers to keep accurate and detailed records documenting any expenses they wish to claim as a tax deduction. This information will be needed should you find yourself in a position where you are required to back up your claims.