disneysteve
Thinks s/he gets paid by the post
- Joined
- Feb 10, 2021
- Messages
- 2,999
I know there are a few accounting folks here. Maybe someone can answer a question.
I know there is an IRS figure of $0.67/mile that you can deduct for business mileage. That is to account for gas and wear and tear. But what if you use a rental vehicle? If you deduct both the cost of the rental and the mileage allowance wouldn’t you be overstating your costs? Is there some adjustment to the IRS figure in that case? I hope that makes sense.
I know there is an IRS figure of $0.67/mile that you can deduct for business mileage. That is to account for gas and wear and tear. But what if you use a rental vehicle? If you deduct both the cost of the rental and the mileage allowance wouldn’t you be overstating your costs? Is there some adjustment to the IRS figure in that case? I hope that makes sense.