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: If you choose the standard mileage rate for a leased vehicle, you must use it for the entire lease period. 📈 Filing Requirements

You can generally choose between two primary methods to calculate your deductible car expenses: : If you choose the standard mileage rate

: You must maintain adequate records or evidence to support your statement of expenses. : If you choose the standard mileage rate

For more detailed guidance, refer to IRS Publication 463 regarding travel and car expenses. : If you choose the standard mileage rate

: If a car is used for both business and personal trips, you may only deduct the portion of costs attributed to business use.

: You multiply the business miles driven by a set IRS rate. This requires you to choose this method in the first year the car is available for business use.