Yes, you can choose that method so that there are more deductions over time to reduce your net income for the next few years. Keep in mind that if you use the actual cost method for the first year, you can never use the standard mileage rate for any year for this vehicle. You must always use the actual expenses which may be best overall, you must decide.
Here are the mileage rates for 2022:
- 58.5 cents per mile rate effective for the first six months of 2022
- 62.5 cents per mile rate effective for July - December 2022
The new IRS mileage rates apply to travel starting on January 1, 2023.
- 65.5 cents per mile for business purposes
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