Double Checking

[CraftyMom]

I am using the tax workbook. I just want to be sure I have this right. I got a van in Feb. 2013 to have enough room for daycare kids, since we go to the park frequently and field trips.

If I use the standard mileage then that's it for deductions right? No depreciating, no gas, oil, etc.

If I use actual costs I can depreciate the van plus all other costs, oil, gas, tune ups, etc

Which way should I go? Does it work out even either way? Actual costs is more work but if it means a bigger deduction it would be worth it.

[TomCopeland]

Car expenses

I am using the tax workbook. I just want to be sure I have this right. I got a van in Feb. 2013 to have enough room for daycare kids, since we go to the park frequently and field trips.

If I use the standard mileage then that's it for deductions right? No depreciating, no gas, oil, etc.

If I use actual costs I can depreciate the van plus all other costs, oil, gas, tune ups, etc

Which way should I go? Does it work out even either way? Actual costs is more work but if it means a bigger deduction it would be worth it.

Yes, using the standard mileage rate you can only deduct the miles, plus parking, plus a portion of your car loan interest.

The vast majority of providers use the standard mileage rate because it's easier, but many would probably be better off using the actual method, even though it's more work.