Many of the business activities reported by taxpayers annually include the use of motor vehicles of one kind or another, whether in the form of a semi-trailer used by a long-haul trucker in the course of transporting freight from one state to another or a small sedan used by a salesman calling on clients in an assigned territory. In these and other cases, ordinary and necessary expenses associated with vehicles used in the course of conducting business are deductible from business income.
The purpose of this course is to provide a comprehensive and detailed review of the rules surrounding automobile and truck expenses, including the types of expenses-including depreciation-that are eligible for deduction, the associated record-keeping requirements, the handling of the sale or other dispositions of vehicles, the reporting methods that should be used, and the available tax credits.