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Deductions & credits
Keep track of the miles you drive for business purposes, and keep detailed records of all of your business expenses.
You do not have to send in receipts with your tax return, but you need to have good records in case your tax return is reviewed or audited. The record keeping requirements exist whether you use actual expenses or the standard mileage method.
When you go through the Vehicle Expenses section, you can enter all of your vehicle expenses and use actual costs or you can use the standard mileage rate. You can use either method, but should choose the option that results in the best tax outcome. Standard vs. Actual Mileage - for more information, click that link.
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‎February 11, 2025
6:01 PM