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 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 make an early escape out of your choice regarding the IRS mileage rate and totally undo ... Log in to view full article.