I’m and independent contractor using a car leased by the company. I drive for the company and I pay for the gas. Can I deduct mileage?
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No. You would not be able to deduct mileage because mileage includes the costs of things like gas, insurance, depreciation, tires, oil changes, etc. However, you would be able to deduct your actual gas expenses. To do this, you would go to vehicle expenses in the business expense section and then start entering the information about the vehicle, then when asked if you own the vehicle say "This vehicle isn't mine" You will then be able to deduct your actual expenses incurred while using the vehicle.
How would I track the gas used for business vs personal. Is there a formula? Suggestions please
So you use the company vehicle for personal use as well? Did you save your gas receipts and track your milage? If you fill the tank, and it costs $75, and you get 400 miles to a tank, then the cost per mile would be .1875. So, if you fill the tank and drive 100 miles for work and 300 for personal then you would say you spent $18.75 on gas for that tank.
This is not the same as deducting the standard mileage as that is $.65 per mile.
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