switch deductions with change of car
up until now i used the actual car expense deduction. i changed cars this year and would like to switch to the standard mileage rate. Is this possible? the car is old.
There are rules set by the IRS in order to take both the standard mileage rate and/or the actual expenses method. Take a look at our guide to see what the rules are for both:https://fitsmallbusiness.com/standard-mileage-rate-deduction/.
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.