Vehicle expenses are a popular deduction for America’s business owners. Did you know that you can deduct 53.5 cents per mile driven for business purposes? There are a number of different vehicle expenses that can be deducted as well. If you are contemplating the purchase of a business vehicle, it is important to consider the potential tax savings as well. Read on for an ultimate guide to filing a business vehicle deduction. Learn what can be deducted and what expenses should be excluded from your tax return. What Expenses Are Eligible for the Business Vehicle Deduction? Vehicle depreciation is one of the most impactful expenses for deduction purposes. Whether you finance or purchase it outright, the vehicle loses value the minute you drive off the dealership’s lot. Depending on the accounting method utilized, you can deduct lease expenses as well. However, it is important to note that only the business portion of the lease is deductible. Another impactful deduction is auto ...