32 WAYS TO MAXIMIZE YOUR TAX DEDUCTIONS
Most drivers will end up taking the standard $0.545 per mile deduction for expenses related to operating their vehicle. However, there are opportunities to deduct a whole host of expenses not directly related to operating your car.
Here are 32 of them:
- Cell phone
- Cell phone service—you can deduct the business portion of your cell phone bill. Be sure to include any data overages that may be associated with your rideshare driving.
- Cell phone mount
- Cell phone charger (for yourself)
- Chargers for passengers
- Charging cables
- Auxiliary cables for music
- Uber/Lyft signs (illuminated or standard)
- Tissues for passengers
- Throw-up bags
- Upholstery cleaner
- Microfiber cloths /baby wipes, other cleaning supplies
- Air freshener
- Car vacuum
- Car detailing services
- Business-related apps like SherpaShare
- Other paid apps such as Spotify/Apple Music
- Inspections and background checks
- Tip sign
- Tip jar (for cash tips)
- Floor mats
- Seat covers
- Business cards/referral cards
- Roadside assistance/AAA
- Business-related meals (50% deduction for a meal with a colleague, for example where work is discussed)
- Car loan interest
Fire up your SherpaShare app to easily add your expenses and keep receipts safe in the cloud. SherpaShare helps drivers save thousands of dollars on taxes and hours of tax prep by automatically tracking mileage and expenses and giving you IRS-ready reports so you can prepare taxes with ease.
Let us know if you’ve found other tax-deductible expenses that we should add to the list in the comments below.
Download the SherpaShare App on iOS or Android