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Q: What is deductible as “actual car expense” when using a personal car for business purposes? A: Automobile expenses pertaining to a trade or business are deductible under the tax code as ordinary and necessary business expenses. Actual car expenses include: – Gasoline – Oil – Tires – Repairs – Insurance – Depreciation – Licenses [...]

Millions of Americans have open their hearts and donated to Haiti earthquake relief. Good news is, you don’t have to wait until next year to get a deduction for donations because of a new law that was recently passed. You can claim these donations on your 2009 tax return this filing season. There are 5 [...]