08/15/2023
Tax tip of the week
What is our AI Accountant answering this week?
“Is interest on my car loan a deductible expense?”
“Yes, if your financed car is used for business purposes, and you are deducting actual expenses instead of the mileage rate, you can write off certain expenses related to it. This can include the interest on your car loan. Remember, all expenses must be 'ordinary and necessary' to deduct. If you use your vehicle for both business and personal purposes, you must divide your expenses based on the miles driven for each purpose.”
Don’t pay accountants for answers like this. Get it today in Mymo.