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Posted by  JanetK_CA on 1/1/18 2:50pm
... our travel costs. For employees, the rate is generally used for reimbursement from their employer (who does get to take that amount as a tax deduction). If the employee doesn't get reimbursed for business travel with their own vehicle, they can deduct those miles themselves at the current IRS annual rate.
For us, as business owners, we have two options on how we can deduct auto expenses. We can pro-rate the portion our vehicle is used for business and apply that percentage against the total cost of operation of the vehicle. (Check with Turbo Tax or your CPA for more details.) OR we can deduct actual business mileage, using the same rate as published annually by the IRS.
All of this, of course, assumes that this is the same as previous years and hasn't been affected by the new tax law...
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