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H
hurielbeta
October 27, 2021
Question

New Car

  • October 27, 2021
  • 1 reply
  • 0 views

Can I write off the entire amount of a new car that I paid for in full in 2021?

    1 reply

    O
    OpeA1
    October 27, 2021

    Yes, but it depends on many things. See below for more help:

     

    If it's directly related to the work you do, you can deduct it as an expense.

    Work-related expenses reduce your taxes by lowering the amount of self-employment income you get taxed on. For example, if you made $50,000 in self-employment income and had $5,000 out-of-pocket expenses, you'd only get taxed on $45,000.

    For state-specific questions regarding your work, click here to find your state’s Department of Revenue.

    Reference: https://ttlc.intuit.com/community/self-employed/help/what-self-employed-expenses-can-i-deduct/00/25566 

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