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Old 01-20-2014, 11:10 AM
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Vehicle Mileage / Damage

This is my first year preparing taxes after forming my LLC and, of course, I want to maximize my deductions.

I deduct actual mileage instead of vehicle repairs, gasoline, etc., but I recently ruined two sets of tires on roads while traveling to/from a customer. Severe potholes caused the tires to break bands and develop bubbles forcing the replacement.

My question is: can I deduct the expense of these new tires, or a pro-rated amount of the old tires even though I am doing a mileage deduction?
The D.O.T. won't take responsibility for the potholes.



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Old 01-20-2014, 10:58 PM
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Quote:
Originally Posted by phuz View Post


My question is: can I deduct the expense of these new tires, or a pro-rated amount of the old tires even though I am doing a mileage deduction?
The D.O.T. won't take responsibility for the potholes.

The IRS allows you to deduct expenses related to upkeep of a car or truck as long as the vehicle is used for business purposes. HOWEVER, ONCE you choose to deduct the standard mileage rate on your work vehicle, you cannot deduct upkeep expenses. You can compare the standard mileage rate and the cost of upkeep to determine which deduction is more profitable for you.



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