Hi,
Can one take BOTH the standard mileage expense ($.58.5/$.62.5 for 2022) AND still expense auto loan interest on Schedule C?
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Yes, if you claim the Standard Mileage deduction, you can still claim other vehicle expenses (like interest). After you enter your Vehicle Info and Business Miles, TurboTax asks about other expenses you may have.
Here's more info on Using a Vehicle for Business.
No, the standard mileage deduction absolutely covers wear and tear! The only thing the standard mileage deduction doesn't cover is parking fees, tolls, other transportation costs (uber, taxi, etc.), property taxes paid in your registration fees, and interest paid on your car loan.
Yes, if you claim the Standard Mileage deduction, you can still claim other vehicle expenses (like interest). After you enter your Vehicle Info and Business Miles, TurboTax asks about other expenses you may have.
Here's more info on Using a Vehicle for Business.
Thx for the quick response! But just to be sure, the std mileage reimbursement does NOT cover wear and tear items, like new tires and breaks, and I can STILL deduct those in addition to the std mileage rate?
No, the standard mileage deduction absolutely covers wear and tear! The only thing the standard mileage deduction doesn't cover is parking fees, tolls, other transportation costs (uber, taxi, etc.), property taxes paid in your registration fees, and interest paid on your car loan.
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