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Can I write off the entire rental car fees on my taxes if used for business?
I receive a $550/mo car allowance from my employer and was thinking about having a second car to drive for work. Rental rates aren’t bad here and I was wondering if I could write off the total cost of rental on my taxes since it’d be used for business?
You can only deduct auto expenses if you itemized your deductions instead of taking the standard deduction. And the IRS only let you deduct auto expenses for cars that you either own or lease but not on rental if you want to use the standard rate. Actual expense method hardly exceeds your standard deduction amount because you won’t be able to deduct depreciation for the car. And you cannot deduct commuting miles either way.
If you are an employee whose deductible business expenses are fully reimbursed under an accountable plan, i.e., a plan that meets the 3 accountable plan requirements, the reimbursements should not be included in your wages on your W-2, and you should not deduct the expenses.
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