Business Deductions
- Amortization
- Business Losses and Net Operating Losses
- Car and Truck Expenses
- Day-Care Services
- Depreciating Business Property
- Depreciating Your Car
- Domestic Production Activities Deduction
- Health Insurance Deduction
- Home Office Deduction
- Meal and Entertainment Expenses
- Organizational Costs and Start-up Costs
- Qualified Plan Awards
- Schedule C Expenses
- Section 197 Intangibles
- Should You Sell or Trade in Your Car?
- Start-up Costs
- Travel Expenses
More Tax Topics
- Business Structures
- Hiring Workers
- Retirement
- Top Tax Myths
- Per Diem Rates - IRS Publication 1542 Oct 2011 for Travel Within the Continental U.S (for employers who pay a per diem allowance to employees)
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Need Some Deductions for 2011?
Don't overlook these!
Updated for 2011
Small Business Deductions: Car and Truck Expenses
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Where to Claim the Mileage Allowance
Use Schedule C to claim the mileage allowance. On the back of Schedule C, Part IV there are three pieces of information you must include:
- Business miles
- Commuting miles
- Other (this is personal miles excluding commuting miles)
Multiply your business miles by the IRS business mileage rate. For 2011 there are two rates:
- January 1, 2011 through June 30, 2011: 51 cents per mile
- July 1, 2011 through December 31, 2011: 55.5 cents per mile.
You must also check "Yes" or "No" to four questions:
- Do you (or your spouse) have another vehicle available for personal use?
- Was your vehicle available for persona use during off-duty hours?
- Do you have evidence to support your deduction?
- If "Yes" is the evidence written?
Next:
Car Expenses: Employees and Car Expenses
Related Links
- Turning Commuting Mileage into Deductible Business Expense
- Leased Vehicles
- Hybrid Vehicles
- Phaseout Rule for Hybrid Vehicles
- Qualifying for the Hybrid Credit
- Phaseout of Hybrid Credit
- Alternative Minimum Tax (AMT)
- Audit Proofing Your Car Deduction
- Electric Cars
- Annual Depreciation Limits for Electric Cars
- Should You Sell or Trade in Your Vehicle?
- Nontaxable Exchange (trade-in old vehicle)
- Taxable Sale of Car
- Computing Basis of New Vehicle When Trading In Old Vehicle
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