There is also a different method to check into to get a deduction from the use of your vehicle, and that is the Actual Expense method.
It would depend on the condition, and if you own it outright or not. The mileage deduction for miles driven could be more to your advantage for tax purposes.
You have to look at the alternatives with the Actual Expense method.
If you have a vehicle that is paid for, cost nothing for an auto payment and has a low insurance cost, this mileage deduction method could be best for you.
It is more efficient when you get more Miles Per Gallon.
You should be using a mileage log. Print the free mileage log.
What is the mileage rate for next year? We'll let you know as soon as the IRS notifies us.
For 2016, you see a 54 cents per mile (Fifty-four cents) allowance or a deduction for business miles that you drove.
Every year the government decides what the mileage rate will be and rarely but yet sometimes it will change mid year at the end of June - beginning of July.