Get the Most From Car-Related Tax Deductions

All year long, you shell out money to keep your car rolling. But as you file your federal tax return this year, your car-related expenses could actually save you some money.

Tax professionals and a spokesperson for the Internal Revenue Service (IRS) say there are at least five main areas car owners should consider when preparing their returns. People can only claim these deductions if they file the more complicated tax forms where they list itemized individual deductions. The deductions reduce taxable income, and the net effect is lower taxes. Depending on your tax situation, you could pay ... Back to article