Write Off Business-Related Vehicle Expenses

Q.  I'm using my personal car in my business. How much can I deduct on my tax return for the vehicle expenses? A. There are two basic ways to write off expenses for business-related travel: The standard mileage method. This provides a basic deduction for mileage and provides built-in depreciation. For 2017, the mileage rate is 53.5 cents per business mile driven (down from 54 cents in Continue Reading

The Deductible 2016 Mileage Rates for Business and Other Purposes

The IRS issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. What Does Gas Cost these Days Around the Country? The national average price of a gallon of regular unleaded gas was $1.85 on January 21, 2016. This is down from the average price of $2.04 per gallon a Continue Reading