Yes, business-use portion of a financed vehicle may be deductible. You can deduct interest on the loan and depreciation rather than the entire payment. This lowers the 1099 tax rate by reducing taxable income.Yes, the business-use portion of a financed vehicle may be deductible. You can deduct interest on the loan and depreciation rather than the entire payment. This lowers the 1099 tax rate by reducing taxable income. Additionally, if you use the vehicle for both business and personal purposes, you'll need to keep detailed records of your mileage to accurately calculate the percentage of business use. This information will help ensure you're maximizing your deductions while staying compliant with IRS regulations. It's always a good idea to consult with a tax professional to navigate the specifics of your situation and ensure you're capturing all eligible deductions.

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OT-1500T
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