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    Small Businesses Can Benefit From Deducting Vehicle Costs on Their Taxes

    Posted by Steve Hood on May 16, 2019 10:10:33 AM

    UPDATE (2)-1-1Businesses that use a car or other vehicle may be able to deduct the expenses of operating that vehicle on their taxes. Generally, a business can use one or two methods to figure their deductible vehicle expenses:

    1. Standard Mileage Rate
      • Stand mileage rates for 2019:
        • $0.58 per mile for operating a vehicle for business use
        • $0.20 per mile for operating a vehicle for medical or moving purposes
        • $0.14 per mile for operating a vehicle in service of charitable organizations
    2. Actual Vehicle Expenses
      • These expectations can include items such as Licenses, Gas, Oil, Tolls, Insurance, Repairs, Lease payment and/or Depreciation (limitations and adjusts may apply)

    Businesses that qualify must make a choice to use either the Standard Mileage Rate or Actual Vehicle Expenses by the due date of their return, including extensions. They cannot revoke their choice for that vehicle. 


    I If you would like to speak to one of our tax specialists for more information, please call: 1 (866) 760-0940 or send a note to Miranda.Hawk@brixeyandmeyer.com to setup a time to speak.  

    Topics: brixey and meyer, ohio, Tax, Tax Team, Steve Hood, Vehicle, Deductions

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