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Get more tax mileage from your car

by on
in Small Business Tax,Small Business Tax Deduction Strategies

Q. A recent article ("Put business car deductions in gear") about using a vehicle for business said a taxpayer will likely do better deducting actual expenses. But isn’t this misleading? J.A.M., E.A., Clarksville, Tenn.

A. Not for a short answer. Of course, the exact outcome for any given situation will vary, depending on the circumstances, including the business miles traveled and the amount of expenses.

However, in a year when 50% or 100% bonus depreciation is available, the actual expense method will often generate a much larger deduction than the standard rate (56.5 cents per mile in 2013; 55.5 for 2012), taking all the applicable expenses into account.

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