What form and line do I deduct the 32.5 cents per mile on for my business travel and do I need to figure depreciation of the vehicle, too?
Expenses for your business use of a car or truck are claimed on line 10 of Form 1040, SCHEDULE C, Profit or Loss from Business (Sole Proprietorship). You may use either the standard mileage rate or the actual cost method in calculating your car or truck expenses. If you use the standard mileage rate, do not compute or deduct depreciation. Depreciation is an expense that is used with the actual cost method. You may use either the standard mileage rate or the actual cost method in calculating your car or truck expenses. For more information, refer to Publication 463, Travel, Entertainment, Gift, and Car Expenses.
Related Questions
- What form and line do I deduct the 37 1/2 cents per mile on for my business travel and do I need to figure depreciation of the vehicle, too?
- What form and line do I deduct the standard mileage rate for my business travel and do I need to figure depreciation of the vehicle, too?
- I travel for business several days each week. Can I deduct a per diem for meals instead of having to keep all of the receipts?
