Yes, you can.
The IRS offers two ways of calculating the cost of using your vehicle in your business:
- The Actual Expenses method or
- Standard Mileage method. To use the standard mileage rate, you must keep a log of each trip with miles driven during the first year your vehicle is used for business. After that, you can either go with standard mileage or actual cost (unless you lease, in which case you must stick with standard mileage for the duration of the lease).
Each method has its advantages and disadvantages, and they often produce vastly different results.
Each year, you’ll want to calculate your expenses both ways and then choose the method that yields the larger deduction and greater tax benefit to you.
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