LynnLorretta
Returning Member

Mileage Deduction

Hello,

 

My business partner and I own a small towing business and we started this business at the beginning of the year. We are going to be filing form 1065. We bought a tow truck at the beginning of the year. Which from what I understand, I can either depreciate or use sec 178. 

 

My question is: can I also deduct either gas receipts or the standard mileage rate on our form 1065?