IRS covers the Business Use of a Car . It explains how individuals can deduct expenses related to operating a vehicle for business or professional purposes. 🚗 Deduction Methods
: If a car is used for both business and personal trips, you may only deduct the portion of costs attributed to business use.
: You track the actual cost of operating the car. This includes gas, oil, repairs, tires, insurance, and registration fees. 🛠️ Key Rules and Limitations
: You multiply the business miles driven by a set IRS rate. This requires you to choose this method in the first year the car is available for business use.
Topic no. 510, Business use of car | Internal Revenue Service
