actual cost

Posts Tagged ‘actual cost’

Business Vehicle Expenses – Standard Mileage Rate vs. Actual Cost

By Luci Roseman Taxpayers using their vehicle for business purposes can choose to use the standard mileage rate or deduct the actual costs of using the vehicle. The standard mileage rate is the simpler method and requires less recordkeeping. The taxpayer must keep a mileage log outlining the date, miles, destination and business purpose of…

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