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It depends on how you use your vehicle. Certain uses of a vehicle are tax-deductible and others aren’t. Green Light Auto Credit can shed some light on personal and work-related car expenses. Learn the difference below!
If you use your car for your own business or freelance work, you can likely write-off at least a portion of your car insurance premiums, as well as other vehicle expenses. Examples of these expenses include the following:
You may be able to deduct some of your insurance premiums if you work for a company but rely on your personal car for daily operations, or driving is a job requirement for which you’re not being compensated. Making the commute to and from work doesn’t count as a tax-deductible expense, but you may be able to write-off the following:
Personal use of your vehicle isn’t tax deductible, such as making trips to the store or visiting friends and relatives. These uses are personal choices and not necessary for you to earn a living.
Do you have more questions about car insurance for used cars, or using your tax refund to buy a car? Contact us at Green Light Auto Credit. Thinking of purchasing a vehicle for commercial use? Ask us about our financing solutions for drivers with good, bad, or no credit.
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