BUSINESS VEHICLE STANDARD MILEAGE VERSES ACTUAL VEHICLE EXPENSES
09 JAN 2017

Posted by robbie Categories: TAXES Comments: Post closed for comments

BUSINESS VEHICLE STANDARD MILEAGE VERSES ACTUAL VEHICLE EXPENSES:

  • MUST BE CAREFUL WHEN SELECTING WHICH METHOD IN THE FIRST YEAR.
  • IF YOU SELECT ACTUAL IN THE FIRST YEAR OF BUSINESS, UNABLE TO SWITCH TO STANDARD
  • CANNOT USE THE STANDARD METHOD IF YOU USE MORE THAN 5 VEHICLES IN YOUR BUSINESS
  • WITH STANDARD MILEAGE CAN ALSO DEDUCT INTEREST ON VEHICLE, PERSONAL PROPERTY TAX AND TOLLS
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