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    March 12, 2021

    Useful information

    Is car insurance tax deductible

    Auto insurance tax deductible

    The tax base is the base used to calculate the tax or accrual. The insurance individual policy who works for hire does not include such an item as the payment on the vehicle. So, such people can write off auto insurance. A law passed by the current government proclaims people list for whom car insurance is not taxed. For example, public figures or civil servants. Today we will consider this topic in more detail.

    Everything you need to know

    • The tax elasticity bases is a measure of the sensitivity base to the previous rate. If the elasticity is very high, the increase in the rate significantly reduces the tax base (capital flight, relocation, evasion, etc.), and thus risks reducing tax revenues deducted from taxation.

    • Costs. The actual vehicle cost is its current amount, which consists of a large things list. These include: the documents cost, car maintenance at the appropriate stations, its depreciation, fuel costs, rent/purchase of a garage or parking space, fines, registration fees, payment for parking spaces. From this list, you can delete the insurance cost premiums, but it still remains large.

    • What group of people is covered by can deduct my car insurance? Earlier we mentioned that there is a certain list of people who may not take into account the actual costs of my car insurance tax deductible. Consider it in more detail.

    • Therefore, natural persons covered by this law:

    • Employees of state institutions subordinated to the armed forces;

    • People who hold public office in the executive branch or persons who are subordinate to local government.

    • Will it be legal to cancel the insurance agreement and mileage? Answer: Yes, but to implement such actions, you need to indicate and justify the intentions and acquisition methods of car costs.

    • You can deduct auto insurance using the tax angle. Social angle (or social and fiscal wedge): the difference between the total wages value borne by the employer and the net intermediate income of the employee. Thus, it is equal to the sum of social contributions and income. Therefore, in accordance with this, you can calculate the exhaustive from the tax base.

    • Remember the Laffer curve. This curve represents the total revenue (in ordinate) according to the rate (on the abscissa). As the rate rises, revenues increase. However, in addition to a certain rate, revenues are reduced due to reduced supply of production factors (labor and capital). There is no empirical example of an economy above the “maximum” rate after which any additional taxation reduces tax revenues.

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