[quote=nikjones;517607]Depreciation is a method of calculating an asset’s declining value, to put it simply. We can all agree that a Ford Focus purchased in 2014 is worth less than a Ford Focus purchased in 2018. The cause of this decline is also clear: a car experiences more wear and tear the more it is driven. Keeping track of your spending could result in tax season savings. But it’s crucial that you save receipts and other supporting documentation so that you can support each expense and, if necessary, defend your deductions.
Keep Track of Expenses for Taxes
Depreciate A Car for Taxes