Is it better to write-off gas or mileage?
Is it better to write-off gas or mileage? Here's the bottom line: If you drive a lot for work, it's a good idea to keep a mileage log. Otherwise, the actual expenses deduction will save you the most.
How much of my car payment can I write off?
Car loan payments and lease payments are not fully tax-deductible. The general rule of thumb for deducting vehicle expenses is, you can write off the portion of your expenses used for business. So no you cannot deduct the entire monthly car payment from your taxes as a business expense.
Does mileage include gas?
The mileage rates include the variable costs of operating a vehicle, such as the cost of gas, oil, tires, maintenance and repairs, as well as the fixed costs of operating the vehicle, such as insurance, registration and depreciation or lease payments. The mileage rates do not include the cost of parking and tolls.