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COPYRIGHTED MATERIAL Part One: The Tax Organizer 37 Business Mileage Add up your business mileage and then multiply it by the standard mileage rate. Business miles January 1–December 31_____ x 0 .565 Total mileage deduction = __________ = __________ (C) Business-Use Percentage of Vehicle Total business miles last year ___________ (B) Divided by total miles vehicle was driven last year ÷ __________ (A) Business-use percentage of vehicle = __________ (D) Other Vehicle Expenses Parking/tolls/ferry Vehicle loan interest Vehicle property tax (if applicable) Total other vehicle expenses Multiplied by business-use percentage of vehicle Business-use percentage of other vehicle expenses __________ + __________ + __________ = __________ x __________ (D) = __________ (E) Standard Mileage Rate Method Mileage deduction Total business-use percentage of other vehicle expenses Total business deduction (standard mileage rate method) Enter the Total business deduction on Schedule C, line 9 __________ (C) + __________ (E) = __________ Actual Vehicle Expenses Method To use this method, you must have recorded all your vehicle expenses so that you can add them up at the end of the year. __________ Oil/lube/filter + __________ Tune-up/repairs/tires + __________ Lease payment + __________ Wash/wax + __________ Supplies + __________ Vehicle insurance + __________ Other + __________ Total actual vehicle expenses = __________ Multiplied by business-use percentage of vehicle x __________ (D) Business deduction for actual vehicle expenses = __________ (F) COPYRIGHTED MATERIAL