Happy Pioneer Day to everyone! We wish you all the best as we celebrate the brave pioneers who travelled across the plains in wagons and handcarts in order to settle the mountains and valleys where we now live.
Transportation has always been important to society, whether it’s wagons, bicycles, or cars. They help us get where we need to be in order to efficiently accomplish all we need to do in a day. If you use a car for your business, you may be able to deduct the expense of operating it from your taxes. The standard mileage rate for finding the deductible costs is 58 cents per mile driven for business use. Business owners also have the option of calculating the actual costs of using their vehicle. If a business wishes to use the standard mileage rate, they must choose to do so the first year they use the vehicle. They may then choose the standard mileage rate or actual expenses in later years. Some examples of deductible expenses are: licenses, gas, oil, tolls, insurance, repairs, and depreciation (limitations and adjustments may apply).
For more information, you can search for Publication 463, Travel, Gift and Car Expenses, or call your tax, accounting, and QuickBooks professionals here at Stapley Accounting.
Art: Going Home (Pioneers Braving a Storm) by William Hahn