Posts Tagged ‘Depreciation’

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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Business Vehicle Expenses – Depreciation Allowed

By Luci Roseman Taxpayers are able to depreciate their vehicle if it is used for business purposes. Generally the 200% Declining Balance Method is used over a five year life. This method results in greater deprecation at the beginning of the five-year period and less at the end. Taxpayers may also elect to use the…

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