How do I calculate the business use of my vehicle?
An example of an AI chatbot conversation about calculating vehicle business use.
How do I calculate the business use of my vehicle?
To calculate the business use of your vehicle, you need to track the total miles driven for business purposes versus personal use.
What records should I keep to track my mileage?
You should keep a mileage log that includes the date, purpose of the trip, starting and ending odometer readings, and total miles driven.
Are there any specific IRS guidelines I should follow?
Yes, the IRS requires you to keep detailed records and you can choose between the standard mileage rate or actual expenses method for deductions.
Can I deduct expenses for maintenance and fuel?
Yes, if you use the actual expenses method, you can deduct maintenance, fuel, insurance, and depreciation related to business use.
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