What are the eligibility requirements for mileage deduction?
An example of an AI chatbot conversation about mileage deduction eligibility.
What are the eligibility requirements for mileage deduction?
To qualify for mileage deduction, you must use your vehicle for business purposes and keep accurate records.
What types of expenses can I deduct related to my vehicle?
You can deduct expenses like fuel, maintenance, insurance, and depreciation, as long as they are business-related.
How do I calculate the mileage deduction?
You can calculate it by multiplying the business miles driven by the standard mileage rate set by the IRS.
Are there any specific records I need to keep?
Yes, you should keep a mileage log, receipts for expenses, and any other documentation that supports your deduction.
What if I use my car for both personal and business purposes?
You can only deduct the portion of mileage that is for business use, so it's important to track your miles accurately.
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