.57.5 (for 2020)miles to the gallon deduction handles that all. http://money.usnews.com/money/personal-finance/taxes/articles/everything-you-need-to-know-about-claiming-a-mileage-tax-deduction
Self-employed workers can claim their mileage deduction on their Schedule C tax form, rather than a Schedule A form for itemized deductions. Alternately, they can claim their actual vehicle expenses for maintenance, repairs and fuel. Taxpayers may want to calculate which option will result in the higher deduction.
"If you use your car exclusively for business, (expenses) are 100% deductible," says Danielle Voloshin, certified financial planner and wealth advisor with Los Angeles-based Miracle Mile Advisors. Workers who use a vehicle for personal travel as well can only deduct a prorated percentage of expenses based on business use. |
