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Income Tax > Tax > Standard Mileage Allowance Standard Mileage Allowance - Tax Deductible Instead of keeping a record of all your car expenses and having to calculate car depreciation, you can use a standard mileage allowance to determine your deductions for business use of your car.
- You can use the standard mileage allowance whether you own or lease the car.
- Towing charges for the car are separately deductible in addition to the standard mileage allowance.
- Parking fees and tools are also allowed in addition to the standard mileage allowance.
- To claim Standard mileage rate, you can not use the car for hire, such as taxi.
- To claim Standard mileage rate, you can not operate two or more cars at the same time.
- If you have already claimed MACRS or a first-year expense deduction on the car, you can not claim the standard mileage allowance.
Additional Links:
Rental/ Leasing Deductible
Tips on Renting & Leasing
Deductible Car Expense
Deductible Travel & Entert.
Deductible Travel Tips
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