(931) 841-4937

©2017 BY ALSBROOK ACCOUNTING. PROUDLY CREATED WITH WIX.COM

Driving Down Taxes: Tracking your Business Vehicle Mileage

March 25, 2019

Regardless of your businesses’ size, the miles put on for business-related driving have value to you. Here’s what you need to know about the previous and current mileage deductions that might be applicable to your business.

 

2018 Mileage Deduction

  • A mileage deduction of 54.5 cents per mile can be applied for a business trip

  • The mileage deduction for moving or medical-related travel is 18 cents per mile

  • Charitable mileage deduction of 14 cents per mile

  • You may also calculate the mileage deduction by finding the actual cost using your personal vehicle.

  • The business Standard mileage deduction may not be used if any depreciation method is used or if section 179 was taken.

 

2019 Mileage Deduction

  • A mileage deduction of 58 cents per mile can be applied for a business trip

  • The mileage deduction for moving or medical-related travel is 20 cents per mile

  • Charitable mileage deduction of 14 cents per mile

  • You may also calculate the mileage deduction by finding the actual cost using your personal vehicle.

  • The business Standard mileage deduction may not be used if any depreciation method is used or section 179 was taken

 

To maximize your benefit from writing off business miles, it is recommended to utilize one of the many available ways to track miles. Manually tracking your mileage is always an option, and many new methods are available in a user-friendly app such as:

  • MileIQ

  • Hurdlr

  • Quickbooks Self-Employee

  • Triplog

Please reload

Our Recent Posts

Please reload

Archive

Please reload

Tags

I'm busy working on my blog posts. Watch this space!

Please reload