do i get a certain amount per mile? or how do they figure it out?
2007-01-23 07:04:37 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
There is a standard mileage rate. You could use this in lieu of actual expenses. Or you can use actual expenses if it was higher (i.e. if you are driving a gas guzzling SUV that breaks down a lot and you spent a lot on repairs). You can switch from claiming actual expenses in one year and claiming the standard mileage rate the next, but you cannot go the other way (claim standard in one year, and actual expenses the following year).
2007-01-23 07:23:29 · answer #1 · answered by jseah114 6 · 2⤊ 0⤋
You can take your choice. The IRS will allow either an amount per mile (44.5 cents, in 2006), or the total operating cost, including fuel, oil, maintenance, insurance, repairs, et cetera.
2007-01-23 15:09:17 · answer #2 · answered by Anonymous · 2⤊ 0⤋
yes but look at the guidelines in your 1040 booklet. File the Sched. C it should almost be .50 per mile this year.
2007-01-23 15:07:53 · answer #3 · answered by golferwhoworks 7 · 1⤊ 1⤋
?
2007-01-23 15:11:00 · answer #4 · answered by Infinite and Eternal Reality 5 · 0⤊ 1⤋