Using Your Personal Vehicle for Your Business

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If you are using your personal vehicle for your business, there are four important dates to remember:

January 1st or
date you put your vehicle in Service

December 31 or
date you stopped using it for business at all

Whether you claim Business Miles or Expenses and Depreciation, you must record the mileage of the vehicle on these days. You must also record the mileage when you use it for business.

To claim Business Miles, simply use the federal rate allowed X business miles.

To claim Expenses and Depreciation, divide the business miles by the total miles for year and multiply the total expenses and depreciation by this number. This will give you the allocated amount you can claim as business expenses and business depreciation for your vehicle.
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