However, using the standard mileage rate does not excuse you from keeping a log showing where you have traveled for business purposes. The standard mileage rate includes all expenses of running your automobile except interest on a loan to purchase the automobile or any property taxes based upon the value of the vehicle, both of which are partially deductible. Your business use of an automobile starts after your first stop at a business location and ends at your last stop of the day. If you qualify for a home-office deduction, your business use starts when you leave your home office and continues until you return to your home office. As you can tell from both comments, keeping good records of your business mileage may allow the highest deductible automobile expense.
Many accountants view their goal as minimizing their clients' taxes.
I like to see my clients pay more taxes - because their earnings and profits are increasing dramatically. I can make a major difference in achieving those profits. Talk to me and find out more. If you use Peachtree Complete Accounting for DOS or Peachtree Accounting for Windows, you might be interested in our new user group. We will offer friendly informal meetings, vendor presentations, instruction by actual users or group instruction and a Peachtree Authorized Support Center.