You need to answer some questions before you hop on the IRS mileage rate train.

First, are you eligible to use the mileage rates?

Second, if you are eligible, are the rates a good or a bad deal for you?

Third, what happens when you sell a mileage rate vehicle?

Are You Eligible?

Individuals and Schedule C taxpayers may use IRS mileage rates to deduct business vehicles.1

Corporations may use the IRS standard mileage rate to reimburse employees for corporate business use of their personal vehicles,2 but a corporation may not use the ... Log in to view full article.