With the ever-increasing costs of owning and operating a vehicle, business use of your vehicle can result in tremendous tax savings. If you use your car or truck in your business, you may be able to deduct a portion of the the costs of both operating and maintaining your vehicle. Business use includes both local transportation and overnight business travel away from home.
Our best selling book Making Tax A Game shows you the two choices that your have on How to Deduct Vehicle Expenses. These are Standard mileage rate, or Actual expenses. Each method is carefully explained as to their respective advantages and disadvantages. Both methods require that you log the business usage of your automobile in some way. The best way to accomplish this is to use the Mileage Log available in our STORE. The Standard mileage rate is adjusted by the IRS each year. The rate for 2011 is $0.555 per mile.
Here’s a partial list of topics discussed in detail in “Making Tax A Game“
Disposition of the Business Auto/Vehicle
Deductibility of Commuting to Work Costs
What transportation miles are deductible
Considerations in connection with a lease or buy decision
How to calculate the Business Use Percentage
Costs deductible even when the Mileage Method is selected