Businesses that use a car or other vehicle may be able to deduct the expense of operating that vehicle on their taxes. Businesses generally can use one of the two methods to figure their deductible vehicle expenses:
For 2019, here are the standard mileage rates for calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes:
Of course, business taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. Here are some facts to help business owners understand the differences between the two methods of figuring their deductible vehicle expenses:
Businesses can see Publication 463, Travel, Gift and Car Expenses, for a full list of actual expenses and how to calculate them. More Information: IRS issues standard mileage rates for 2019 IRS Notice 2019-02 Subscribe to IRS Tax Tips Comments are closed.
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