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Are You Cheating Yourself by Using IRS Mileage Rates?

Posted by Admin Posted on Jan 28 2023

You may be using IRS mileage rates to deduct the cost of your business vehicle.


We have a new tool that can tell us whether the mileage rates are a good deal for your taxes. With this tool, we look at the entire life of your vehicle, including any gain or loss on sale or disposition, to get to the bottom-line dollar benefit or detriment that the IRS-mileage-rate method gives you.


This is a cradle-to-grave examination of the mileage rates versus the actual-expense method.


If the tool tells us that the mileage rates are to your benefit, great.


On the other hand, if it turns out that the mileage rates are not optimal for you, we have at our disposal an IRS procedure that allows us to switch you to the actual-expense method so you pocket more after-tax dollars.