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R
robert13meyer
October 27, 2021
Question

Van

  • October 27, 2021
  • 1 reply
  • 0 views

I purchased a van this year for 27,000. I have a small business. Can I write off the total cost the 1st year?

    1 reply

    O
    OpeA1
    October 27, 2021

    You may be able to to do so, but it will depend on several factors: 

    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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