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Self employed
Hi Chuckv18!
If this is the FIRST year of use of your vehicle, you have two choices.:
1. You can take the total BUSINESS miles driven for the year or
2. You can take ACTUAL EXPENSES such as gas, oil, car insurance, repairs, etc
If you have used the vehicle for business for more than one year, you are governed by the choice made in the first year of use. In other words, If you chose the mileage deduction in the first year, you may continue to take mileage each year. If you chose actual expenses in the first year, you MUST continue taking actual expenses each year there after.
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‎October 27, 2021
9:50 AM