Do you own the business or are you a salaried employee receiving a travel allowance?
Nicksays: 14 October 2015 at 12:08
I own the business
TaxTimsays: 15 October 2015 at 18:36
How do you pay yourself?
Nicksays: 16 October 2015 at 10:35
I am a sole proprietor and pay myself from my business account. Generally, what the business makes, that is what I pay myself.
TaxTimsays: 16 October 2015 at 18:58
As a sole proprietor you would be able to deduct the use of the car for business purposes in the ratio of business to total use. Did you keep a logbook? If so you would use that ratio to determine the deduction of the vehicle related expenses and the same for the car which you would divide the value by 5 and then use the apportionment as per the logbook.
Get Tax Deadline Reminders, News and Tips
We'll tell you when you need to file, along with tax tips and updates.