Standard mileage vs actual expenses
Per mile
Should I Use Standard Mileage or Actual Expenses?
Short answer: Either works for business driving: the standard mileage rate covers gas, insurance, and wear; actual expenses track real costs times business use.
If you use actual expenses (with depreciation) the first year, you generally can't switch to the standard rate later for that car.
Records to keep: Keep a contemporaneous mileage log (date, miles, business purpose), business-use percentage, the purchase contract, and a photo of the door-jamb GVWR sticker.
Standard mileage vs actual expenses
Per mile
General Business
Either works for business driving: the standard mileage rate covers gas, insurance, and wear; actual expenses track real costs times business use.
Business justification
Either works for business driving: the standard mileage rate covers gas, insurance, and wear; actual expenses track real costs times business use. If you use actual expenses (with depreciation) the first year, you generally can't switch to the standard rate later for that car.
Category
- Vehicles by Make & Model