How to Write Off Your Car or Truck for Business
Q: It's tax season--time to ponder that annual conundrum: How much of my vehicle usage can I claim as a business expense?
A: The IRS code governing vehicle use runs roughly the length of "Infinite Jest." But it doesn't have to be that complicated, says Jay Soled, a professor of accounting and information systems at Rutgers University, who has testified before Congress on tax compliance issues. "The problem is the rules are a morass," Soled says.