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Allowable vehicle expenses Form: What You Should Know

Use the chart to find out whether you claim your vehicle expenses in the year you drove the vehicle. To be deductible, costs must be reasonable, and they must be reasonable and necessary,  including: — Maintenance In order to deduct the costs of maintenance, you will need to be sure that you keep records showing that you have taken the necessary steps to maintain those materials,  such as annual or monthly receipts for the vehicle or your repair records. In some cases you can claim to the full cost of your necessary maintenance; other times the  cost of your maintenance will be part of the cost of your car, which you claim. Remember that any costs listed under cost of gas or oil are part of your cost of driving. For more information, refer to  Cost of driving — Use the chart below to find out how much you can take out of your  vehicle and how much of that you can write off as vehicle expenses. Cost of driving: Cost of gas/oil  Cost of driving: Cost of oil/gas If you use your car for business purposes, you may be required to calculate business related  car expenses to see if you can deduct the business related costs. If there is a high cost to operate as well as the  number of business related expenses, you may be required to claim a deduction for these cost. If there is a low cost to run  your business in addition to the number of business related expenses, you can claim a small or  nontaxable deduction. Cost of driving: Cost of gas/oil/fuel Cost of driving: Use the chart below to find out how much you can take out of your vehicle and how much of that you can write off as  vehicle expenses. Cost of driving: Cost of driving: Costs and deductions for Business Use of Cars You must maintain your automobile in a clean, safe, and  serviceable condition at all times. You must not alter or remove the equipment on, or  remove the identification tags from, your vehicle unless the alteration is for a lawful  purpose such as repair or  replacement. Cost of driving: Clean air and odor control.

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Video instructions and help with filling out and completing Allowable vehicle expenses

Instructions and Help about Allowable vehicle expenses

Music hi I'm Debbie Peverill and you're listening to the weekly tip from Penn's financial training group today I'm talking about vehicle expenses and the ones that you can deduct on your personal tax return it being March and tax season there's a difference between receiving and allowance and being reimbursed so this applies to employees and if you receive an allowance from your employer say $200 a month or a week or whatever then that amount is taxable it's going to be added to your t4 and therefore it's going to be on your personal tax return as income you can then deduct your business expenses for using your car on your tax return so this means keeping your gas receipts your repairs and maintenance receipts your insurance everything to do with the vehicle and there's a form of course which you would fill in so when the allowance is taxable you can take a deduction for the business expenses if instead of getting an allowance you're being reimbursed which means you're getting an amount per kilometer that amount is not taxable and you don't have to make any kind of calculations on your personal return you're being reimbursed if that's the end of it then there's nothing to put on your tax return if however you feel that you're not being given enough money for your actual expenses then you can fill in the form all your gas receipts all of your insurance your repairs and maintenance and of course you have a mileage log which indicates how many kilometers you drove for business and how many kilometers you drove personally you then would subtract from this calculation the amount you're reimbursed if in fact your expenses the business percentage of your expenses is more than the reimbursement...