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You can claim mileage expenses for your self-employment. The standard mileage rate for business use was 53.5 cents per mile in 2017. These expenses will help offset any self-employment income and lower your tax.
As a business owner self-employed individual, you can either take the standard mileage rate or the actual cost method, which tracks what you paid for gas and maintenance.
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).
Please see the TurboTax FAQ below for information on how to enter these expenses.
You can claim mileage expenses for your self-employment. The standard mileage rate for business use was 53.5 cents per mile in 2017. These expenses will help offset any self-employment income and lower your tax.
As a business owner self-employed individual, you can either take the standard mileage rate or the actual cost method, which tracks what you paid for gas and maintenance.
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).
Please see the TurboTax FAQ below for information on how to enter these expenses.
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