Hello:
Knowing all of the auto-related deductions can ensure that your automobile is working as hard for you as you are. Tolls and parking fees are deductible if you choose the standard mileage method or the actual expenses.
Standard mileage rate versus actual expenses
Whether to use the standard mileage rate or actual costs is a numbers game.
- The more economical the vehicle is to operate, the more likely it is that the standard mileage rate will give you the bigger deduction.
- The higher the operating costs, e.g., gas, repairs, tires, etc. the more beneficial the actual cost method is likely to be.
Here is a great resource: https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh
Have an amazing day. Evelyn M (CPA 20+ years)
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