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

and one motorcycle. When recording...
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?
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Answered in 2 minutes by:
8/25/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA :

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

MyVirtualCPA :

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

Customer:

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

MyVirtualCPA :

Is there anything else you need assistance with today?

MyVirtualCPA :

If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Megan C
Megan C, Certified Public Accountant (CPA)
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Megan C, Certified Public Accountant (CPA)
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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