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Deductions & credits
Your options are either the actual cost method or standard mileage. Either way, you must keep a record of miles for the entire year. If you use the actual cost method, you must maintain all receipts, including gas. If you use this method in the first year, you may not switch to the standard mileage method in any subsequent year. The link below provides useful information regarding vehicle deductions.
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May 14, 2020
9:07 AM