Instead of using the business portion of the actual expenses of operating a vehicle, the IRS permits taxpayers to use a standard mileage rate. IRS issued the rates that will be effective for travel on or after January 1, 2015. Business owners and others who deduct mileage will have to have records of miles driven before and after these dates for each vehicle used. The new rates are available to many, but not all drivers. Give us a call if you have questions.
|Business Use of Vehicle
|Medical or Moving Purposes
Taxpayers can use the standard mileage rate for up to four vehicles used simultaneously. The standard mileage rate still CAN NOT be used to determine expenses for automobiles used for hire, such as taxicabs, or when five or more automobiles are used simultaneously in a taxpayer's business.
Contact our office (360) 675-3030, send us an email inquiry, or consult your tax adviser about the method of deducting automobile expenses that is most advantageous to you.