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Additional Details
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sleepyhead544 | If I own a business can I use both mileage and vehicle costs? ( gas repairs, etc? |
Can you use both mileage and repairs when you own a business and the vehicle is owned by the business? |
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ninasgramma
 |
There are two methods for taking vehicle expenses: Actual and Optional (mileage). The first year your vehicle is in service, you pick one. If you pick Optional, then in future years, you can use either method. If you pick Actual, then you are restricted to Actual expenses for the life of the vehicle.
In most cases it is better to start out with the Optional method, so that in future years you can choose to take Actual if that is better for you. |
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cork
|
NO
ONE OT THE OTHER--NOT BOTH |
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Brian G
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No, you get to deduct one or the other. The mileage method is intended to cover gas and regular maintenance. If your vehicle is high maintenance, you would probably want to save all receipts and use that method. |
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bostonianinmo
 |
No, you may only use one or the other. You should keep track of all costs and miles and then file whichever way gives you the best benefit.
If you file the mileage rate, the only additional deduction you can take is for tolls and parking fees.
If you take the actual costs method and calculate depreciation using any method other than straight-line, you must forever after claim only actual costs as long as you use that vehicle for business. Once you've used any accelerated depreciation method you can no longer use the mileage rate for that vehicle. |
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limgrn@sbcglobal.net
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I don;t belive so. You can itemized separatly the cost of fuel, maintence and such.. but if you choose the milage option, the amount includes those other costs. |
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socratator
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The short answer is no. The milage is a substitute for those other expenses. If you use the vehicle for personal use, you may not be able to use the vehicle costs and only use the milage for business use |
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?
 |
As a former business owner myself, but about 8 or 9 years ago, I believe you can use either gas OR mileage, but not both. You can also use repairs. I must say that your first respondent, babyshoe's recommendation to keep good records is a great piece of advice, so, do it, for your own good. God Bless you. |
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Io
 |
Maybe. But mileage is set to factor in basic maintinence (oil change, tires, etc...) along with gas costs. |
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babyshoes
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generally yes.but you must keep good records and differentiate between personal and business use.it should be honest and reasonable and business expenses must be legitimate.
some costs can be pro rated etc. |
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