Episode Details

Are you self-employed and wondering how to maximize your vehicle-related business deductions? This episode covers everything you need to know about the IRS standard mileage rates for 2024 (67.0 cents per mile) and 2025 (70.0 cents per mile), how these rates are determined, and when you might want to consider switching to the actual expense method for a potentially larger deduction. Learn the key requirements for each method, the importance of maintaining accurate records, and why employees can no longer deduct vehicle expenses under current tax laws.