Vehicle Tax Deduction Calculator
Compare standard mileage rate vs actual vehicle expenses.
Find which method gives you a bigger tax deduction.
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Vehicle Deduction Comparison
Two methods for deducting vehicle expenses used for business:
Standard Mileage Rate (2024):
- Business: 67 cents per mile
- Medical/moving: 21 cents per mile
- Charity: 14 cents per mile
- Plus parking fees and tolls
Actual Expense Method:
- Gas and oil
- Repairs and maintenance
- Insurance
- Depreciation
- Registration fees
- Lease payments
- Multiply total by business use percentage
Which is better?
- Standard mileage: Simpler, often better for fuel-efficient cars
- Actual expenses: Often better for expensive vehicles or high costs
Rules:
- Must use the car for business purposes
- Must keep a mileage log or expense records
- Cannot switch methods on a leased vehicle
You must choose one method per vehicle per year. Consult a tax professional for best strategy.