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Article Date:
October 2012


Word Count:
1034

 

 

You Can Switch from the IRS Mileage Rate to the Actual-Expense Method


Is the mileage rate sticking it to you?

 

Could you increase your tax deductions by switching from the IRS mileage rate to the actual-expense method? If so, you will be happy to learn that you can make that switch.

 

This article explains when and how.

 

The Mileage Rate

 

When you choose the mileage rate, you elect out of the actual expense method and also elect out of MACRS depreciation.1

 

This does not mean that you are locked out forever. The IRS grants you two ways to escape from your original mileage-rate decision and switch to the actual-expense method.

 

Escape 1: the Early Escape

 

You can take an early escape ... Log in to view full article.

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