2 ms·
I think it depends on the car, the mileage deduction rate is 57.5 cents per mile. If I have a Prius, my depreciation isn’t nearly that high so I may not be bad
by prepend 5y ago
I think it depends on the car, the mileage deduction rate is 57.5 cents per mile. If I have a Prius, my depreciation isn’t nearly that high so I may not be bad off come tax time.
I can deduct not only the logged miles, but miles in between jobs and to/from work sites. If I’m driving 30 miles an hour then I’m deducting $17/hour from auto expenses that will greatly reduce my taxable revenue.
Of course, there are expenses to be paid on the vehicle for fuel, insurance and depreciation. But there are vehicles where this is much less than the IRS deduction that is just flat for all vehicles.