Auto Insurance Tax Deductible

Is Auto Insurance Tax Deductible? It Depends

by Carolyn Sennett on March 15, 2018
Source: https://www.erieinsurance.com/blog/car-insurance-tax-deductible

Tax deductions are a way to lower your taxable income, so you can decrease the amount of taxes that you owe the government. Thinking about the different IRS-approved deductions as you prepare your tax returns may lead you to wonder: Is auto insurance tax deductible? The answer? It depends on how you use the car and other factors.

Using a car for work
Businesses that own and are dependent on the use of company cars or a fleet of vehicles as part of its operations may deduct auto insurance as an expense of the business. According to the IRS, you can deduct the necessary cost of insurance as a business expense, if it is for your trade, business or profession.Read more

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