I'm independent IT Consultant in NYC (self employed). I'm going to buy a scooter or a small motorbike soon. I need it as an alternative, more effective way of transportation between my clients. Is there any chance to deduct any $ I spent on a scooter, an insurance, a gasoline, a maintenance, and parking etc? Apologize for a silly question, I am new in the US. Thank you, MB
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Luckily, you can take the standard mileage deduction for the business miles, currently at 44 1/2 cents per mile no matter how efficient your vehicle is. But - taking the standard mileage rate trumps the deduction of the scooter, gas, etc. But it's a lot easier to account for, and with a vehicle that is economical, you'll get a bigger deduction than actual cost.
-- Paul Thomas, CPA snipped-for-privacy@bellsouth.net
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