Tax Deductible Mileage Rates

24 Sep Tax Deductible Mileage Rates

If you are using your car for qualified business, medical, or charitable purposes, you can deduct your vehicle expenses.  If you own or lease the vehicle you can deduct either the actual expense or the standard rate per mile driven.  When you lease a car and you use the standard mileage rates, you must use the standard rates for the entire life of the lease.  Remember these mileage rates are optional and you may use the actual vehicle expenses instead of the standard mileage rate if you kept detailed records.  TBooks will keep you up-to-date on the most recent rates and post any changes as soon as they are made available.