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5 Ways Your Car Can Save You During Tax Season in Florida

Tropical Financial Credit Union
By Tropical Financial Credit Union - July 8, 2024

As tax season in Florida continues, you may be wondering if your car plays any part in it. The good news is that it does. Whether you just bought an electronic car or had some unreimbursed travel expenses from your job, those can all be worked out when filing taxes in Miami.

Electric Vehicle Tax Credit

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You may have purchased a new hybrid/electric vehicle thinking it would help the environment, well now watch the environment help you. When filing taxes in Miami be sure to ask your advisor about the Electronic Vehicle Tax Credit. The federal tax credit is available to those who have purchased a new electronic vehicle for use in the U.S. You could eligible for anywhere between $2,500 to $7,000, depending on the size and battery of vehicle. Also be sure to check out what electronic vehicle tax incentives you may be able to qualify for in Florida, as well. Note that this credit is available until 200,000 qualified EVs have been sold in the U.S. by each manufacturer, so don’t wait to file!

South Florida Rental Property Mileage

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Do you own a rental property in South Florida? Bet you didn’t know that you may qualify for a tax deduction. The mileage you used to and from a rental property in order to maintain, collect rent or simply check on it can go towards your taxes. When doing your taxes in Miami, be sure to ask your tax advisor about this deduction.

Travel Expenses for Volunteer Work

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Find joy in helping others, but can’t seem to shake all the expenses that go into doing well? According to H&R Block, any airfare, ground transportation, parking, tolls, meals and lodging are tax-deductible. However, there’s a catch…volunteer work has to be the primary reason for the trip in order to qualify. If you plan on volunteering locally, expenses such as gas and mileage are also tax-deductible.

Unreimbursed Business Expenses

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You may have the opportunity to deduct unreimbursed business expenses from your company during this tax season in Florida. If you’ve been required to attend a lunch meeting a few cities over or had to pay a toll that has gone unreimbursed, be sure to keep the proof and then ask the best tax advisor in Miami to see if you can add this as a deduction!

Freelancer Expenses

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Miami is full of diversity when it comes to jobs, one of those being freelancing positions. Unfortunately, being a freelancer you don’t have the luxury of using a company car, so it’s up to you to get yourself to-and-from meetings and any event your current project has you involved in. According to TurboTax, you have the ability to deduct about $0.54 per mile. If your vehicle is used exclusively for business use, ask a tax advisor about what other write-offs are available to you.

If you haven’t found an advisor yet be sure, to look up “best tax advisor in Miami,” as they can help you with what you can deduct and ultimately write off. If you’re a member and it’s time to file, check out how you can save up to $15 on premium TurboTax services. Not a member? See how you could become one today.