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Mileage Tax Deduction Information
The IRS allows taxpayers to deduct vehicle expenses for business use. There are two methods:
- Standard Mileage Rate: For 2025, the rate is 70.0 cents per mile driven for business use. View IRS Announcement
- Actual Car Expenses: You can deduct the actual costs of using your vehicle for business, including gas, oil, repairs, insurance, etc.
Most taxpayers use the Standard Mileage Rate as it's simpler and often more beneficial.
Important Notes:
- Commuting miles (home to work) are generally not deductible.
- Keep detailed records of your business miles, including date, destination, purpose, and mileage.
- This app can help you maintain these records for tax purposes.
Note: While this information is based on federal tax rules, state regulations may vary. Always consult with a tax professional for advice specific to your situation.
Need Help with Business Expenses?
Contact Summit CPA Group for expert guidance on business expenses and mileage deductions. Our team of professionals is ready to assist you with all your financial needs.