Car sharing can be a business. That means potential tax deductions for mileage, depreciation, maintenance, insurance, and more.
Disclaimer: This information is for educational purposes only and is not tax advice. Consult with a qualified tax professional for advice specific to your situation.
Deduct a portion of your vehicle's value as it depreciates over time. Section 179 and bonus depreciation may apply.
Track business miles for the standard mileage deduction, or deduct actual gas expenses if you choose the actual expense method.
Business-related insurance premiums and registration fees may be deductible based on business use percentage.
Car washes, oil changes, tire rotations, repairs - all may be deductible based on business use.
Keep a log of personal vs. business miles. Only the business portion of expenses is deductible.
Use an app to photograph and categorize receipts for gas, maintenance, and other expenses.
Consider QuickBooks, Wave, or similar tools to track income and expenses throughout the year.
List your car on ItWhip and start building your car sharing business with potential tax benefits.
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