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JJ the CPA here hope youre doing well so the IRS just came out with a new mileage rate for 2023 and 65 and a half cents a mile so with the standard mileage rate its then an either or for self-employed you either take the actual cost of the vehicle which would be the depreciation the interest on your loan payment your insurance your oil changes gas repairs thanks to that effect those are your actual expenses or you would take this standard deduction now one of the things to note related to this is that if you are taking actual expenses then in the first year that you are going to depreciate that vehicle there is some special upfront depreciation now Im going to give you a link to a couple of videos where I go into detail related to that but the one thing I want you to note is that if you do actual expenses in the first year you get that big deduction potentially for vehicles that are over six thousand pounds GV WR again Im giving you links to these other videos you can check out bu
