Car and truck expenses are easy to overlook. That's because most taxpayers simply take a standard mileage allowance. But that allowance is the same for all vehicles, no matter how big they are, how much they cost, or how much gas they guzzle. Do you think every car on the road costs the same amount per mile to drive? It might surprise you to see how much it really costs to operate your car.
And it's likely to be much more than the IRS standard allowance! If you're taking the standard deduction for a car that costs more to operate than that flat amount every time you drive for business. You may be throwing away savings you could take with the "actual expense" method. We can walk you through both methods to see which saves you the most now, as well as help make the right decision when it comes to buying or leasing a new car for business.
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