What is the standard mileage deduction for business travel if I am using my car for my home based travel agent biz? How can I tell whether I should itemize mileage or take the standard mileage deduction?
You should claim your actual vehicle expenses if the total of the expenses result in a higher deduction than the standard mileage would give you. To use the standard mileage rate, you must keep a log of each trip with miles driven during the first year your vehicle is used for business. After that, you can either go with standard mileage or actual cost (unless you lease, in which case you must stick with standard mileage for the duration of the lease).
For 2017 the standard mileage rate for business is 53.5 cents a mile.
To claim vehicle mileage for self employment/business:
You should claim your actual vehicle expenses if the total of the expenses result in a higher deduction than the standard mileage would give you. To use the standard mileage rate, you must keep a log of each trip with miles driven during the first year your vehicle is used for business. After that, you can either go with standard mileage or actual cost (unless you lease, in which case you must stick with standard mileage for the duration of the lease).
For 2017 the standard mileage rate for business is 53.5 cents a mile.
To claim vehicle mileage for self employment/business: