Car Insurance and Interest

[Boymom]

I'm in MMK working on my taxes for last year and I saw in the accounting section where I can write off car insurance and car loan interest. I just want to make sure before I enter anything that I'm understanding this correctly! Is this just for a vehicle 100% used for the daycare?

[TomCopeland]

car

I'm in MMK working on my taxes for last year and I saw in the accounting section where I can write off car insurance and car loan interest. I just want to make sure before I enter anything that I'm understanding this correctly! Is this just for a vehicle 100% used for the daycare?

You can always deduct the business portion of car loan interest. You can only deduct car insurance if you are using the actual expenses method of claiming car expenses. You do not have to be using a car 100% for your business to claim these expenses.

[Boymom]

Thank you! I appreciate your help!