What method should you use to deduct business vehicle expenses?

Description

Abstract: Businesspeople who use their passenger cars, vans or pickup trucks for business driving can generally deduct expenses attributable to the use of those vehicles, just like one that’s owned by the business. But it’s important to note that they can deduct only the portion of their overall expenses that’s attributable to their business use. This article points out that there are two ways to arrive at a deduction for the current year — the actual expense method or the standard mileage rate. A sidebar presents an example of how the deduction might work.