How can I apply for a tax deduction on my auto insurance policy?
Total Comments: 1
Posted: Mon Jul 09, 2012 08:40 pm Post Subject:
There's no personal deduction for personal automobile insurance. There's a possibility, for a commercial (business) auto policy, that there may be deductibility as a business expense, but there's a bunch of "it depends" attached to that. As well, if you use your auto for business purposes, there's another possibility for tax deductions.
If you're referring to a business policy, you should speak with an accountant. If this is for a personal auto policy, there's no deduction on your taxes unless you meet one of the requirements as discussed above.
Posted: Mon Jul 09, 2012 08:40 pm Post Subject:
There's no personal deduction for personal automobile insurance. There's a possibility, for a commercial (business) auto policy, that there may be deductibility as a business expense, but there's a bunch of "it depends" attached to that. As well, if you use your auto for business purposes, there's another possibility for tax deductions.
If you're referring to a business policy, you should speak with an accountant. If this is for a personal auto policy, there's no deduction on your taxes unless you meet one of the requirements as discussed above.
InsTeacher 8)
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