More on Mileage

The IRS classifies all car usage into three categories:  business, commuting, and personal.  “Business  use” miles generally means travel between two business destinations.  Examples of trips that are deductible include: Travel from one client or customer to another Travel from your office to perform business tasks, like pick up the mail, make a deposit at[…]

Q & A: Standard Mileage or Actual Expenses?

The IRS allows two methods for taxpayers to use to account for their vehicle expenses, the standard mileage rate and actual cost of operating the vehicle.  Which method yields the highest deduction?  There is no clear answer, but let’s take a look at both methods. Standard Mileage The standard mileage rate is a simplified method[…]