Keeping track of expenses related to using a car for your business can be no small task. There aretwo methods for keeping track of expenses when you use your personal car ortruck for business. You can keep trackof everything you use for car maintenance record gas etc. Or the IRS has come up with a formula forwriting off expenses. You take the totalmiles you have driven in a year and the miles you have used for business. You times the miles driven for business bythe IRS number the number can be found on The IRS’s website it is adjusted every year for inflation. You use yourtotal miles to find out how much you can write off loans on your car. The IRS does try to keep the miles close to actual depreciation. My suggestion is to try both methods and see which delivers the most cost savings.
