Rules for Auto & Truck Expenses on a Schedule C?

Answer When the IRS requires you to file a Schedule C, you must separately report your self-employment income and expenses on the schedule rather than directly on your tax return. When auto and truck expe... Read More »

Top Q&A For: Rules for Auto & Truck Expenses on a Schedule C

Are Schedule C Expenses Mandatory or an Election?

If the IRS requires you to prepare a Schedule C attachment to your tax return to report your self-employment income, then you're eligible to reduce your net profit with business expenses you pay fo... Read More »

Where do I deduct bookkeeping expenses on a Schedule C?

When you hire an outside contractor for bookkeeping services, you deduct the expense as either “contract labor” on Line 11 or as “legal and professional services” on Line 17. If you pay $6... Read More »

What happens if medical expenses exceed auto insurance coverage after an auto accident?

1. Most states have a requirement that a registrant of an auto maintain "personal injury protection" (PIP) coverage (altho the name may be different). This is the essence of so-called no-fault auto... Read More »

Official IRS Rules of Assisted Living Expenses?

The Internal Revenue Service (IRS) rules for assisted living expenses are laid out in IRS Publication 502 Medical and Dental Expenses. Individuals in assisted care or relatives supporting dependent... Read More »