The IRS Deductions Blog

Posts Tagged ‘when is mileage deductible’

Question: Do I need a Honda Care Extended Warranty on a 2003 Civic?

I just bought a pre-owned 2003 Honda Civic which has a mileage of about 89400 miles on it. I was sort of persuaded by the dealer to buy the HondaCare extended warranty for 2 years or 24000 miles, at a cost of $1860 and deductible $100. However, when I got the contract, there are so many exclusions. I am now wondering whether I should cancel the contract as I am not sure whether it would be worthwhile. Can you advise? Are there better ones?

Answer: Oh yeah, you got screwed. The chances of your Honda having problems equaling $1860 in the next 24k miles is almost nil. Even if your engine goes, rebuild costs less than $1500.

Cancel it ASAP! I believe Honda allows you to cancel within a specific time period.

You do not need any extended warranty on a Honda. They can easily go 200k miles without a problem, as long as you do regular maintenance and replace the timing belt & water pump every 90k miles.

Items on Amazon Right Now for When Is Mileage Deductible:

Tax Forms & Deductions : Can I Write Off My Computer on My Taxes?

Question: As a business owner, is the drive to and from work tax deductible?

I was trying to figure out if you can take the standard mileage deduction. I seem to see different opinions about this.

Answer: If you’re just driving to and from your normal place of work, no. If you have a job, something like being in construction, where you have to drive from job site to job site, then yes.

Items on Amazon Right Now for Mileage Deductible:

5 savvy shopping tips on car gap insurance

Finding gap coverage as a cost-conscious driver is no joy ride. Here’s how to avoid the potholes.

2010 IRS Business Miles Driven Deduction