Tax Treatment of Vehicles in Sole Pro…
*
My understanding of this is:
I can deduct the percentage of actual expenses that is equal to the percentage of “business” miles, or I can deduct the .32(?) cents per “business” mile.
Business mile meaning any trip that begins from a business location and ends at a business location. So my drive to work in the morning is not deductable mileage. My trip to lunch is not deductable mileage. My trip back to work from lunch is not deductable mileage. And my trip home in the afternoon is not deductable mileage. So some days, I have no deductable mileage at all.
I’m reasonably confident this is correct based on what I’ve read in IRS instructions. But if someone can point me to info that would indicate otherwise I would appreciate it.
Seems lousy that if I incorporated I could deduct
b all
of the vehicle costs/mileage!
Thanks,
Rich Beckman
Replies
*
My understanding of this is:
I can deduct the percentage of actual expenses that is equal to the percentage of "business" miles, or I can deduct the .32(?) cents per "business" mile.
Business mile meaning any trip that begins from a business location and ends at a business location. So my drive to work in the morning is not deductable mileage. My trip to lunch is not deductable mileage. My trip back to work from lunch is not deductable mileage. And my trip home in the afternoon is not deductable mileage. So some days, I have no deductable mileage at all.
I'm reasonably confident this is correct based on what I've read in IRS instructions. But if someone can point me to info that would indicate otherwise I would appreciate it.
Seems lousy that if I incorporated I could deduct
b all
of the vehicle costs/mileage!
Thanks,
Rich Beckman