If you own your vehicle (and finance it), then you should be eligible to deduct the business portion of your interest payment as a business expense. You can't deduct the loan principal amount as a business expense, however. If you lease your vehicle, you can deduct the business portion of your vehicle lease. 

Note that most actual vehicle expenses, like lease payments, repairs, maintenance and gas can’t be combined with mileage expenses if you track mileage in Hurdlr. However, the app is smart enough to know which method will result in the biggest tax deduction.

To switch between deducting actual expenses and mileage:

  1. On the mobile app, tap the Taxes tab and tap the gear icon in the top right corner or on the web app, click the gear icon in the top right corner and select Tax Profile

  2. Select "Yes" or "No" under Use Mileage Deduction to compare tax estimates using either method.

Disclaimer: The information contained here is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.

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