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Sunday, April 12, 2020

Can I claim my business vehicle's maintenance and repairs on top of my business miles (not including gas)?

Kip Ockenfels: Your understanding is wrong. The mileage allowance is to cover all of the vehicle expenses, including all of the things you mention

Foster Koopmann: Even if you claim the standard mileage, you can still deduct the interest that you paid on your vehicle (if you financed it)for the year. That is a separate deduction. Doesn't matter if you use smr or actual expenses. You can still deduct the business portion of it.

Christy Tirabassi: You can claim actual expenses (gas, oil changes, maintenance, depreciation, tires, etc) OR mileage, not both.The Federal mileage rate includes any maintenance on your car.If you want a choice, in the first year of service for your car, claim the standard mileage rate. Then, in future years you can choose which ever method gives you the better deduction: Actual expenses or standard mileage....Show more

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