While people in urban areas may rely on mass transit, taxis and bicycles to get to and from work and to see clients, customers, vendors and other business associates, the vast majority use their own vehicles. Sales of cars and trucks are now booming, and leasing continues to be popular (with 23 percent of new cars leased in 2013); many people may be in the market for a vehicle in 2015.
Generally, a taxpayer can choose between the IRS standard mileage rate or the actual expense method to figure the deduction for business driving, whether the vehicle is owned or leased. However, deductions for business driving must be properly substantiated. And no deduction is allowed for the cost of commuting, with some exceptions.
Mileage Rate for 2015
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