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If you are self-employed and use your vehicle for work, you may be eligible to deduct lease payments along with the standard mileage rate. This applies to various self-employed professions, such as mechanics, fitness trainers, landscapers, and stylists, where you drive to clients and return home, which serves as your office. By leveraging these deductions, you can reduce your taxable income by accounting for vehicle-related business expenses. Whether doing client work on the side or full-time, understanding the deductions available for vehicle use is crucial for managing expenses and optimizing your tax situation.
