Claiming Your Car Insurance Tax Allowance

You can claim your car insurance premiums in two ways: through the IRS standard tax deduction; or by itemizing your deductions (filing your actual annual expenses with your return). Choose the method that reduces your taxes more.

Taking the standard deduction way can be your better choice if you want to keep things simple. The method is easy, fast and convenient because it’s automatic and you don’t have to provide documentation.

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