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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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My wife and I both run our own businesses and have one car

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My wife and I both run our own businesses and have one car and one motorcycle.

When recording automobile expenses for our taxes, is it better to keep all the expenses (lease, insurance, gas, etc) or write off the cost per mile?

What is the cost per mile and does is it the same amount for a motorcycle?

MyVirtualCPA :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

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How are you today?

MyVirtualCPA :

Personally, what I would do if this is your first year is keep track of both - the mileage and your actual expenses. You can only write off the business portion of either expense


Thanks. I understand. What is the price per mile one can write off for a car or motorcycle?

MyVirtualCPA :

The price per mile is 56.5 cents per mile

MyVirtualCPA :

It's the same regardless of the vehicle

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