It is insurance payment for my vehicle but is not under my name
Victor • Multi professional
If you drive your personal vehicle for your freelancing work then you can take a portion of your vehicle expenses as business deductions under Schedule C of IRS Form 1040. Eligible expenses include lease payments(depreciation for own vehicle), gas, vehicle repair and maintenance, car wash, vehicle insurance etc. You can also opt for the standard mileage rate of 56 cents per mile driven for business use in 2021. At the time of tax filing, FlyFin CPA will calculate and compare your vehicle deductions by both these methods and select the most appropriate method for you
Dixon is one of the best tax experts from the United States. He has an experience of 28 years in the field of corporate finance. Before FlyFin, Dixon had served as the Tax Head at KPMG, NJ.