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Taxes, expenses relating to vehicles may provide tax deduction

Californians love their automobiles — especially if those vehicles also can give them a few tax deductions.

“Certain taxes as well as some expenses associated with motor vehicles used in business or charitable situations may be deducted from both federal and California state income taxes,” says Bruce Gray, CPA, of San Dimas. “Taxpayers, of course, need to properly itemize these deductions if they want to realize their benefits. Unfortunately, the one expense everyone would like to deduct — mileage commuting back and forth to a regular job — usually isn’t deductible. But most of us have at leas...

 

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