Standard Mileage Rates

    

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Note: In order to use the standard mileage method, you must choose this method in the first year the vehicle is placed in service. In later years you can choose to use the standard mileage rate or actual expenses.

* When you use the standard mileage rate for your vehicle deduction, the depreciation on the vehicle is not reported separately, rather, the IRS figures in depreciation as a part of the mileage rate.

Since depreciation accumulates, each year's business mileage affects the adjusted basis of the vehicle. The adjusted basis will, in turn, be used to determine the gain or loss when the vehicle is sold or disposed of, so keeping good records is essential. 

 Our primary goal as a trusted advisor is to be available and to provide insightful advice to enable our clients to make informed financial decisions.

Continually striving for accuracy, excellence and the highest level of integrity.

CPA's specializing in small business tax and accounting with emphasis in construction and manufacturing for corporation and passthrough entities.

Strive Tax & Accounting, LLC

PO Box 28353

Green Bay, WI 54324

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