Tax Write-Off for Trucks, Vans and SUVs (more)
by Gregory J. Cook, EA, CPA
Accredited Tax Advisor
How to figure the business percentage use of your auto.
You drove your van 20,000 miles during the year. 16,000 miles were for business and 4,000 miles were for personal use. You can claim only 80% (16,000 / 20,000) of the cost of operating the vehicle as a business expense.
If you want to use the standard mileage rate for a car you own, you must choose to use it in the first year the car is available for use in your business. In later years, you can choose to use the standard mileage rate or actual expenses.
If you want to use the standard mileage rate for a car you lease, you must choose to use it for the entire lease period.
My Tacoma does not qualify for the 6,000 lbs GVWR (but it has a supercharger)
Actual Expenses
If you deduct actual expenses, you can deduct the cost of the following items: depreciation or lease payments, rental fees, garage rent, licenses, repairs, gas, oil, tires, interest, insurance, parking fees and tolls.