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Article Excerpt
Due to the dramatic increase in gasoline prices, the IRS increased the standard mileage rate, effective Sept. 1, 2005 (IR-2005-99, 9/9/05, amending Rev. Proc. 2004-64, IRB 2004-49, 898). If you use your car for business, you can deduct your actual expenses or rely on an IRS standard mileage rate. Additionally, recent legislation creates a tax credit opportunity for alternative motor vehicles.
Under the actual expense method, you can deduct the cost of gasoline, oil, maintenance and repairs, insurance, vehicle registration fees, and either an allowance for depreciation of a car that is owned or payments for a car that is leased. Relying on the standard mileage rate eliminates the need to keep track of separate expenses. Tolls, parking,...
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