What Is Better for Taxes – the Standard Mileage Deduction or Actual Expenses?
What Is Better for Taxes – the Standard Mileage Deduction or Actual Expenses? Car/truck expenses for business travel may be deducted using either the IRS standard mileage rate or actual expenses.Answer: The answer to this question depends on several variables, including the number of miles driven and whether you have both personal and business vehicles. The most important variable is the number of miles driven for business during the year. If You Drive Less Than 50% for Business You can use the standard deduction to keep things simple and easy. Keep track of all your miles driven and multiply by the current IRS standard mileage rate for the year. Your specific circumstances may vary, so check with your tax professional before you take the deduction. If You Drive More Than 50% for Business You may be able to increase your deduction by using actual expenses. You will need to keep track of all expenses with supporting
