Vehicle Expense

A lot of people will discover that tracking and deducting mileage offers a better deal for them vs. tracking vehicle expenses. This deduction allowance is 67 ¢ per mile for 2024. Conversely, tracking vehicle expenses may include vehicle depreciation, maintenance expense, insurance, tolls and parking, and fuel. Many people find often that it is simpler to simply take the mileage deduction, and this is especially true if, in business, you are driving an older vehicle that offers smaller opportunities for deduction of depreciation and interest. What’s more… if you do not use the vehicle exclusively for business, you need track the mileage anyway