If you use your personal car or other vehicles for business purposes, you can take a mileage deduction of 54.5 cents for every mile you drive for work in 2018. Here is everything you need to know in order to get the most out of your business mileage write off.
Tags: Mileage Deduction
If you drive a personal vehicle for business, you have two options for deducting your vehicle expenses. You can use the standard mileage rate or you can use the actual expense method.
Which is better? As with most things when it comes to taxes … it depends. Let’s dive into using the standard mileage rate vs actual vehicle expenses.
A mileage tracking app is the best way to keep track of your miles for tax or business purposes. You may be thinking, “Can’t I just use a pen and paper?” Yes, but the best mileage tracking app has multiple advantages. Let’s go over six ways a mileage app saves you time and money.
Hopefully, you’re already tracking your miles in order to get the largest mileage deduction you’re entitled to. But, what counts as a business drive? Let’s go over what trips the IRS considers as business drives and what it doesn’t.