Business Mileage Deduction: How to Calculate Standard vs Actual Cost

Kalie discusses how to calculate standard versus actual cost for business mileage deduction for tax year 2019. This content applies to business mileage only and not individual mileage. Any questions feel free to comment below.

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[ronswallow]

If you are a w2 delivery driver and you use your own car and your miles are tracked how much should you be paid for reimbursement?

[ochicoloto]

nice content. 2 questions please

1. do i need to track and record miles if I use the vehicle only for business purposes? ( can i just take milage difference between january 1 and december 31st?)
2. can I use standard mileage if I have 5 cars in my business? I read somewhere that one can not use standard if you operate 5 or more vehicles

[ochicoloto]

if you use standard mileage deduction and have a business loss, can you passthrough the loss to offset your w2 taxes?

[KillroyX]

If you are using mileage, then our bridge tolls included? How about parking?

[DALONEWOLF]

Would using hotel folio’s work as mileage records since that’s where I must travel for work

[rhrh]

If you take actual cost, you cannot take standard rate in the future

What does this mean?