Skip to main content
February 4, 2025
Question

what if i want to use my gas versus miles on my car

  • February 4, 2025
  • 1 reply
  • 0 views
do not want to use miles

    1 reply

    LindaS5247
    February 4, 2025

    If you choose to use "actual expenses" for your vehicle, you will be able to deduct gas.

     

    You can choose to use either "actual expenses" or "standard mileage"  expenses for your vehicle that is used for your business. 

     

    If you’re claiming actual expenses, you can deduct things like gas, oil, vehicle repairs, vehicle insurance, vehicle registration fees, lease payments, depreciation, bridge and tunnel tolls, and parking can all be deducted. 

     

    You can only claim the percentage of expenses that is for the business use of your vehicle.

     

    The percentage of your car’s use for business purposes would be your total business miles divided by the total number of miles you drove for the year (both business and personal).

     

    If you are using actual expenses, make sure you keep detailed records and save your receipts.

     

    If you are using the standard mileage rate, it's 67 cents per mile for 2024.

     

    Both of these methods for calculating your expense of business use of your vehicle should produce roughly the same result. 

     

    Click here for important information regarding business use of vehicle.  This article discusses in-depth the Standard Deduction vs Actual Expenses and also Depreciation of your vehicle.

     

    Click here for information regarding maximizing tax deductions for business use of your vehicle.

     

     

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"