We specialize in bookkeeping, payroll, income tax return preparation, and retirement planning, and serve a nationwide clientele consisting of individuals and businesses of all types and sizes (LLC, partnerships, C & S Corporations), as well as trusts and estates. As financial problem solvers, we provide practical advice and proactive solutions with personalized service. We are affordable, experienced, and friendly, and we tirelessly study and research the ever-changing world of tax law and regulation so that we can help every client realize the greatest possible savings and return on investments. Our office is conveniently located in Dover, Delaware. Please contact us today to find out more about how we can make YOUR life less taxing!Tax
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๐๐ผ๐ ๐๐ต๐ผ๐๐น๐ฑ ๐ ๐๐ฟ๐ฎ๐ฐ๐ธ ๐บ๐ถ๐น๐ฒ๐ ๐ถ๐ณ ๐ ๐ฑ๐ฟ๐ถ๐๐ฒ ๐ณ๐ผ๐ฟ ๐๐ผ๐ฟ๐ธ?
You have two main options: the standard mileage method or the actual expense method.
The ๐๐๐ฎ๐ป๐ฑ๐ฎ๐ฟ๐ฑ ๐บ๐ถ๐น๐ฒ๐ฎ๐ด๐ฒ method is usually simpler. You track your business miles, then multiply them by the IRS mileage rate.
The ๐ฎ๐ฐ๐๐๐ฎ๐น ๐ฒ๐
๐ฝ๐ฒ๐ป๐๐ฒ method takes more recordkeeping. You track costs like gas, insurance, repairs, and maintenance, then deduct the business-use percentage.
So if 75% of your vehicle use is for business, you may be able to deduct 75% of your eligible vehicle expenses.
The important thing here: ๐๐ฆ๐ต๐ต๐ฆ๐ณ ๐ณ๐ฆ๐ค๐ฐ๐ณ๐ฅ๐ด ๐จ๐ช๐ท๐ฆ ๐บ๐ฐ๐ถ ๐ฃ๐ฆ๐ต๐ต๐ฆ๐ณ ๐ฐ๐ฑ๐ต๐ช๐ฐ๐ฏ๐ด.
And if you own the car, your first-year choice can affect what methods are available later.
If you're tracking miles in your business, tell us which method you prefer and why in the comments below.
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Cash flow gaps happen to the best of us. Aside from a bank loan, whatโs the most creative way youโve ever bridged a financial gap?
Letโs share some ideas for the community.
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๐๐ค๐ฌ ๐๐ค ๐ ๐ฉ๐ง๐๐๐ ๐ข๐ฎ ๐๐ช๐จ๐๐ฃ๐๐จ๐จ ๐ข๐๐ก๐๐จ ๐ฉ๐๐ ๐ง๐๐๐๐ฉ ๐ฌ๐๐ฎ?
For 2026, the mileage rate is ๐ณ๐ฎ.๐ฑ ๐ฐ๐ฒ๐ป๐๐ ๐ฝ๐ฒ๐ฟ ๐บ๐ถ๐น๐ฒ. So if you drove 12,000 business miles, thatโs an $8,700 deduction.
But to claim it, you have to keep a log that proves it. Your log must include:
โข Date of the trip
โข Where you went
โข Business purpose
โข Miles driven
And make sure you track this as you go rather than trying to rebuild it later.
Also worth knowing:
โข Commuting from home to your regular office isnโt deductibleโฆ
โข Driving between work locations or to client meetings is!
Comment MILEAGE below if you want help figuring out the right mileage tracking method for your business.
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First State CPAs & Associates |
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|
18 S. State St, Dover, DE 19901 |
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| (302) 736-6657 | |
| Business Hours | |
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