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My business has a 5th car this year. The total mileage deduction for 4 of them is far better than actual expenses for all 5. Do I HAVE to claim the 5th car for business?
I'm aware than when you claim 5 or more vehicles for a business, you must calculate actual expenses -- You can't take the mileage deduction.
This is probably a bit unique, because we put a LOT of miles on the cars but they just don't cost very much to maintain. In my case the mileage deduction is a pretty good deal. So much so that I would be better off taking the mileage deduction for only 4 vehicles than taking actual expenses for 5.
The question is: Although all 5 vehicles were actually used for business, is it legal to simply not claim one of them as a business asset, to my advantage?
‎June 4, 2019
7:16 PM