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Standard Mileage Allowance

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The Taxation professionals at ExpertsLand can answer your Standard Mileage Allowance questions like:

  • What Is Better for Taxes - the Standard Mileage Deduction or Actual Expenses?
  • I was told if I take the standard mileage deduction one year that I have to stay with it and can’t switch to the actual expense. Problem I'm having is the standard mileage is putting my business net in the negative (-55) and I'm not qualifying for the earned income and child tax credit because of it. Supposed to be (+400). Last time it was beneficial but I lost contracts and business income went down. Mileage still didn't change a whole lot because the lost contracts are in the same area as my current contracts.
  • Can I claim the standard mileage deduction even though my company gives me a gas card to pay for my gas?
  • How to deduct mileage on personal car?
  • With the business use of my car, is it better to take the standard mileage deduction or just save my gas receipts or can I take them both (Mileage and Gas receipts)?

 

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