There are numerous ways you can deduct auto expenses File PhotoRichard Perry. ■ Richard Perry / The Hemet Car Guy When we think about cars, we usually think only about its costs. But at tax time, the dollars you spend on your car can actually end up saving you money. According to the IRS, there are five major areas that qualify for deductions if you use your car for business, and you can lower your taxes by deducting expenses from your taxable income. The only catch is you must itemize deductions, not use the short forms. Following are the main areas to consider for tax deductions: 1. If you use your
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