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Business & farm
The easiest way to allocate the cost of the Toy Hauler is to use the Standard Mileage Deduction. This method requires only that you track the mileage for each business and the total mileage for the year. Your vacation mileage is personal use, so that won't be included in the business miles.
If you decide to use actual expenses, you will use the same criteria. But there are many other questions to answer when you report the same vehicle to more than one business.
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‎April 15, 2022
12:42 PM