IRS Tax Deduction of Vehicle Expenses: Cents-per-Mile or FAVR?

The IRS offers two primary methods for claiming vehicle expenses: the standard mileage rate and the fixed and variable rate (FAVR) method. Which Method is Right for You?

Do Not Use Actual Expense Deductions Until You Read This!

Business travelers in the USA have two possibilities for deducting expenses. Both methods involve keeping accurate records, but one may be superior to the other based on your situation. These methods are the Actual Expense and Standard Mileage Rate methods. The Actual Expense Method This method involves the recording of