If you use a vehicle for small business purposes, you might qualify for a business mileage deduction from the IRS. You might be thinking that a business mileage deduction is only going to save you loose change. But, you could end up with a substantial tax break. In this article, you’...
There are two options for calculating the business deduction for the use of your vehicle. 1. Standard mileage deduction This is the most straightforward way of calculating your driving expense: simply multiply the number of business miles by the IRS mileage rate. However, you’ll need to keep ...