If you report your business expenses on Schedule C of your Form 1040, you may deduct your vehicle using either your actual expenses or the IRS standard mileage rate (48.5 cents per business mile in 2007).1

If you operate your business as a corporation and you own the car personally, you may have your corporation use the mileage rate to reimburse you, the corporate employee, for business use of the vehicle.2

You may use the mileage rate on a car, van, pickup, or panel truck ... Log in to view full article.