When tax time comes near, you try to think of every possible deduction you could take. What about you car? One deduction that is often overlooked is the gas mileage deduction. Here are some tips for claiming the tax deduction for vehicle expenses.
Keep track of your miles driven
The IRS has a standard mileage rate that can be deducted. Note that it changes every year. If your actual auto expenses are higher than the gas mileage rate, then you get to deduct the greater amount.
Provide all the required information regarding your car
If you plan on taking a gas mileage tax deduction, the IRS wants basic information about your […]