Is Your Toyota Tax Deductible?

Jan 2, 2014

With tax time approaching, you should be starting to organize your information to ensure you are getting the right deductions and tax breaks for the year. Some tax deductions may be related to the upkeep and maintenance of your new or pre-owned Toyota.

Ideally every vehicle owner should consult with their tax professional or accountant before claiming car-related expenses. Every situation is different so seek professional tax advice from someone in the know. Our dealership just wants to remind you of some vehicle-related expenses you may have forgotten.

Business- Related Deductions

Most auto related deductions are related to business use. Some drivers use their Toyota for part-time business reasons while others have purchased their Toyota exclusively for business. Check with your accountant about deducting the cost of the vehicle purchase as relate to your business.

You may also be able to deduct mileage put on the vehicle to get to appointments, make deliveries, or conduct other business. You may also be able to deduct auto-related expenses for tire replacement, oil changes, engine tune-ups, or repairs.

It is recommended that you keep the receipts and related paperwork in one folder for easy access at tax time. Also, remember that our Toyota service center in Alabama keeps records of all services rendered to make it easy to retrieve lost invoices and payment receipts. Let us know if you need tax documents pertaining to your vehicle upkeep and we’ll be happy to help. It is just one of the many perks of relying on dealership servicing and repair to keep your vehicle up to the high standards of Toyota.