How can I deduct vehicle expenses on my taxes?

How can I deduct vehicle expenses on my taxes?

You can deduct vehicle expenses by using either the standard mileage rate or actual expenses method. Which one would you like to know more about?

What's the difference between the two methods?

The standard mileage rate allows you to deduct a set amount per mile driven for business, while the actual expenses method lets you deduct the actual costs of operating the vehicle, like gas, repairs, and insurance.

Which method is more beneficial?

It depends on your specific situation. If you drive a lot for business, the standard mileage rate might be more beneficial. However, if your actual expenses are high, the actual expenses method could yield a larger deduction.

How do I keep track of my mileage?

You can use a mileage tracking app, a spreadsheet, or a simple notebook to log your business miles. Make sure to note the date, purpose, and distance for each trip.